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
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
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
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.
SOURCE: SSP Offshore Inc.
For further information:
L. Daniel Wilson, President, at (403) 358-1110 (phone); or via email at firstname.lastname@example.org.