World-class Engineering Team Completes SSP(R) Satellite Services Platform FPSO RFQ (Request for Proposal) Package



    HOUSTON, Sept. 23 /CNW/ - OPE, Inc. announced today that the engineering
team for its patented SSP(R) Satellite Services Platform has reached a major
development milestone. "After unveiling the SSP design in September 2007, we
assembled a specialized engineering team and established the development goals
necessary to take the SSP to commercialization," stated Gary Quenan, OPE
President and CEO.
    Since its formation, the SSP Team has focused on validating the results
of model testing (heave and roll) for FPSO application, finalizing a hull
design (geometry and tank configuration) for a 1.2 million barrel storage
capacity (80,000 bbl per day production) and ensuring compliance with Class
Society and International rules. Based on these results, OPE is now ready to
issue an FPSO RFQ package to select global shipyards for fabrication of the
hull and center column.
    "I am pleased to report that the team has achieved all its goals while
integrating measurable cost, safety and operational advantages over
ship-shaped FPSOs and other competitive designs," said Mr. Quenan.
    Designed for maximum stability, flexibility and operational performance,
the SSP offers significant safety improvements and reductions in capital costs
by eliminating turrets, swivels, active ballasting and the need to disconnect
in post Katrina-type storm conditions. The SSP's unique hull design and center
column accommodate multiple riser types and sizes, enabling its use on any
subsea development in the world. The offloading system takes advantage of
proven technology to provide fast, efficient transfer to trading tankers of
opportunity by allowing them to weathervane within a restricted arc,
eliminating the current trend to utilize a dedicated CALM buoy and the
associated CAPEX.

    
    The SSP engineering team includes:
    -  OPE - Overall project management of the SSP unit and design of the
       center column
    -  IntecSEA (WorleyParsons Group) - Hull, mooring and marine system
       detail design
    -  Alliance Engineering - Design for 5, 10 and 20 thousand metric ton
       topsides and 60-man personnel quarters
    -  McDermott - Fabrication/constructability engineering
    -  MARIN - Wave tank model testing
    -  ODL - Operational interfaces and maintenance
    -  2H Offshore - Steel catenary and hybrid riser design and analysis
    -  Alkyon - Offloading system simulation
    

    About OPE

    OPE, Inc., a wholly owned subsidiary of OPE Holdings Ltd which is
publicly traded on the TSX Venture Exchange, is a Houston-based full service
engineering and project management company, celebrating its 14th year in the
industry. With additional offices in Southeast Asia and Latin America, OPE
creates value-added energy solutions for the offshore industry. OPE's core
business is offshore with a specialization in subsea field architecture,
pipelines, subsea structures and conventional platforms. To date, projects
have been executed in the most challenging regions around the world and with
scope ranging from pre-FEED engineering to structure fabrication and
installation. OPE's latest development in proprietary technology is the
Satellite Services Platform(R) (SSP(R)). This patented floating facility
offers the upstream oil and gas industry the ability to reduce capital costs
and increase performance compared to traditional FPSOs.

    The TSXV has neither approved nor disapproved of this press release.

    Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The risks going forward include, inter alia, the significant risks
associated with commercializing a new floating platform technology, financing
risks and fabrication risks. OPE is also subject to the general economic
conditions in the domestic and international markets it operates in. OPE
assumes no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in the
forward-looking statements, unless and until required by applicable securities
laws.





For further information:

For further information: Nicholas J. Vandenworm, Vice President,
Business Development, OPE INC., (713) 461-0044, vandenworm@opeinc.com

Organization Profile

OPE HOLDINGS LTD.

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