SSP Offshore Inc. Announces MOU With New Strategic Partner to Pursue FPSO Projects in Brazil and West Africa
13 Setembro 2012 - 5:30PM
PR Newswire (Canada)
HOUSTON, TX, Sept. 13, 2012 /CNW/ - SSP Offshore announces that it
has entered into a Memorandum of Understanding (the "MOU") with a
new strategic partner to jointly pursue floating storage,
production and offloading ("FPSO") projects in Brazil and
internationally based on the Corporation's proprietary round SSP
designs. The new strategic partner is an entity with
extensive experience in the fabrication, installation and operation
of offshore floating oil and gas infrastructure worldwide. The MOU
provides that this entity will exclusively bid the SSP design for
FPSO projects in Brazilian territorial waters for a three year
period, and in return SSP Offshore commits to work exclusively in
partnership with the strategic partner over the same time period
through a joint venture structure (on terms yet to be defined) for
all Brazilian FPSO projects for which in-country hull fabrication
is commercially advantageous. The MOU also allows for the
cooperation of the parties on a non-exclusive basis for FPSO
projects outside of Brazil, with a particular focus on prospective
projects in West Africa. Paul Illingworth, CEO of SSP Offshore,
stated that "we are extremely pleased to have been selected by our
new strategic partner as key component of their future Brazilian
FPSO strategy. This organization is a recognized world leader
in all components of FPSO project execution and operations, and
will provide SSP Offshore with a significant degree of technical
and commercial execution experience and credibility along with
reliable in-country fabrication capacity in Brazil. In addition,
this relationship provides SSP Offshore access to long-standing
fabrication experience and capacity in key West African countries,
which will be critical to the success of the commercialization
strategy that we have been pursuing in the West African region over
the past two years. We have already established a Coordination
Committee that has been tasked with identifying the particular
projects to be jointly pursued under the MOU, and we anticipate
that the first bids will be submitted in the upcoming quarters."
About SSP Offshore Inc. SSP Offshore is a public company listed
under the symbol "SSZ" on the TSX Venture Exchange. SSP Offshore is
actively commercializing its proprietary SSP® FPSO platform design
in two formats: (i) SSP Base; and (ii) SSP Plus. Visit the
company's website at www.sspoffshore.com for more information. The
TSXV has neither approved nor disapproved of this press release.
Certain statements contained herein constitute forward-looking
statements. Although the company believes the statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. The company cautions investors that any
forward-looking statements made by the company are not guarantees
of the future performance, and that the actual results may differ
materially from those in the forward-looking statements as a result
of various factors. SSP Offshore Inc. CONTACT: L. Daniel Wilson,
President, at (403) 358-1110 (phone); or viaemailat
dwilson@sspoffshore.com.
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