SCHIEDAM, THE NETHERLANDS--(Marketwire - Oct 10, 2012) - SBM Offshore, the leader in the
supply of leased FPSOs, has signed a Commercial
Development Agreement with CompactGTL Ltd, the pioneer of modular gas to
liquid
solutions, to work exclusively together on offshore projects. The use of
GTL
technology for floating production systems has the potential to
significantly
reduce gas flaring, by transforming associated gas into synthetic crude oil
which can be blended in to the produced crude oil. The two companies have
been
working together since 2008 and this agreement opens the door for the
world's
first, fully integrated, offshore modular GTL solution for the upstream
industry.
The companies will combine their strengths for the marketing and execution
of
projects involving associated gas challenges for oil fields offshore.
Mike Wyllie, Chief Technology Officer, SBM Offshore said:
"SBM Offshore and CompactGTL provide complimentary expertise, and by
combining
this we have been able to develop an exciting new FPSO product which will
be a
very attractive solution for associated gas disposal in ultra deepwater
fields"
Nicholas Gay, Chief Executive, CompactGTL said:
"CompactGTL is delighted that we have been able to cement our longstanding
relationship with SBM Offshore. It is a world class company and, combined
with
our expertise in delivering the world's first commercial scale modular gas
to
liquids solution for associated gas, will have significant impact on the
offshore oilfield appraisal and development sector."
To see the complete version of this press release, click on the link below.
SBM Offshore Press Release:
http://hugin.info/130754/R/1647939/531292.pdf
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Source: SBM Offshore N.V. via Thomson Reuters ONE
[HUG#1647939]