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    Premuda starts the FPSO Project

Premuda Spa is pleased to advise that it has concluded a contract to provide its 94,000-dwt 1992 built tanker “Four Lakes” to Agip Australia Ltd. for use as a Floating Production Storage and Offloading vessel on the Woollybutt field offshore Western Australia. The vessel is to be sold to a newly formed company known as Four Vanguard Serviços e Navegeçao Lda., a company in which Premuda has a 70% majority interest and in which Vanguard Floating Production Ltd. of the UK has a 30% interest.

Premuda, through Four Vanguard has placed a contract with Vanguard’s Australian subsidiary Vanguard Floating Production (Australia) Pty. Ltd. to manage the conversion of the vessel to an FSPO, to connect it at the offshore field and to operate it for Agip Australia Ltd. Vanguard has established a project management team in Perth Western Australia to undertake these tasks. The vessel is scheduled to enter Keppel Shipyard in Singapore on or about 1st June to commence conversion, where upon she is to be renamed “Four Vanguard”. Following conversion and installation first oil on the Woollybutt field is expected during January 2003.
Total capital expenditure for the project (inclusive of vessel, conversion, topside process equipment for up to 40,000bopd, disconnectable turret mooring system and installation) has been funded partly by the shareholders in the vessel owning company, partly by mobilisation payments by the Clients and partly by debt finance arranged and provided by a consortium of the Bank of Scotland and the Netherlands Investment Bank (NIB). The Woollybutt oil field is located offshore Dampier Western Australia in approximately 100m water depth. The field operator is Agip Australia Ltd. who own the block in partnership with Exxon Mobil and Tap Oil. Mr. Stefano Rosina, C.E.O. of Premuda International stated: “We are very pleased to have secured this important break though into the specialised market for the provision of Floating Production Storage and Offloading vessels, and we regard this as a most important diversification of Premuda in the offshore oil industry.

The FPSO business has a great future potential and provides the opportunity to secure long term contracted employment for suitable vessels within our fleet. We are optimistic of securing further such business in association with our friends Vanguard Floating Production who are steadily building a significant presence within the FSO and FPSO market sector. We are also particularly pleased that we are providing these services with Vanguard for Agip, Italy’s major oil Company with whom Premuda has had a long relationship as a provider of oil transportation services.”

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