BW Offshore signs contract for Papa Terra FPSO

 (Bermuda, 1 February 2010): BW Offshore has, together with its Brazilian
consortium partners in QUIP and QGOG (Queiroz Galvão Óleo e Gás), signed the
contract for the FPSO P-63 with the Papa Terra Joint Venture (Petrobras
(operator) and Chevron). QGOG is one of Brazil's largest private groups in the
oil and gas sector.

BW Offshore's main responsibility will be to deliver the marine scope of the
FPSO conversion, including the hull, offloading systems and mooring equipment
for the vessel.

BW Offshore will jointly with QGOG operate the FPSO for a period of three years
with gradual handover to Petrobras.

BW Offshore will utilize the ULCC BW Nisa (323,000 dwt) for the project.

The Papa Terra field is located in the Campos Basin offshore Brazil, and the
FPSO is expected to commence production in 2013.



For further information, please contact:
Carl K. Arnet, CEO BW Offshore, +65 9630 3290
Knut R. Sæthre, CFO BW Offshore, +47 9111 7876



BW Offshore is one of the world`s leading FPSO contractors and a market leader
within advanced offshore loading and production systems to the oil and gas
industry. BW Offshore has more than 25 years' experience and has successfully
delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore's
technology division APL has delivered solutions for production vessels, storage
vessels and tankers in a wide range of field developments. Adapting through
competence, in-house technology, solid project execution and operational
excellence, BW Offshore ensures that customer needs are met through versatile
solutions for offshore oil and gas projects. BW Offshore has a global network
with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore
has 1,100 employees and is listed on the Oslo Stock Exchange. For more
information, please visit www.bwoffshore.com and www.apl.no
.




This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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