SCHIEDAM, THE NETHERLANDS--(Marketwire - Apr 2, 2012) -

FPSO Cidade de Ilhabela for Brazil pre-salt area - contract signature

SBM Offshore N.V. is pleased to announce that contracts for the twenty year charter and operation of FPSO Cidade de Ilhabela for the north part of Sapinhoá field (former Guara Area) development in the pre-salt area, offshore Brazil, have been executed with GUARA BV and with BM-S-9 Consortium, established by the companies PETROLEO BRASILEIRO S.A. - PETROBRAS (Operator, 45%), BG E&P BRASIL LTDA (30%), and REPSOL SINOPEC BRASIL S.A. (25%). Affiliates of the Company together with Queiroz Galvão Óleo e Gás S.A (QGOG) had been awarded two Letters of Intent (LOI) on 3 August 2011 for this work.

The unit will be owned and operated by a Joint Venture comprising of affiliated companies of SBM Offshore and QGOG, and Mitsubishi Corporation.

The Sapinhoá field is located in block BM-S-9 in the Santos basin at approximately 300 kilometres offshore and 2,140 metres water depth. The FPSO will include topside facilities to process 150,000 bpd of production fluids, associated gas treatment for 6,000,000 Sm(3)/d with compression and carbon dioxide removal, hydrogen sulphide removal, and a water injection facility for 180,000 bpd.

First production from the FPSO is planned for the second half of 2014.

To see the full version of this press release please click on the link below:

SBM Offshore Press Release: http://hugin.info/130754/R/1599165/504481.pdf

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Source: SBM Offshore N.V. via Thomson Reuters ONE [HUG#1599165]