MAIN FACTS:
– The development plan involves relocation of the existing FPSO Xikomba, which has been operating under contract for ExxonMobil in Angola since 2003.
– Following the notice of termination of the current contract by ExxonMobil the unit is scheduled to stop operation in the first half of 2011.
– The unit will undergo a major upgrade in order to meet the new project specific requirements. Part of that work will be performed in the PAENAL yard in Angola.
– The LOI covers the early phase of the project and allows SBM Offshore to commence engineering and procurement work.
– The full scope lease and operate contracts are expected to be signed in the coming months.
-By Amsterdam Bureau, Dow Jones Newswires
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