SSP CEO PROVIDES YEAR-END REVIEW

HOUSTON, Jan. 4 /CNW/ - SSP Offshore Inc. ("SSP Offshore") released a year-end summary of key company developments achieved during the 2010 fiscal year:

  • Tank Test Completion - During early 2010, SSP Offshore completed the most recent round of tank basin tests for both the SSP Base and SSP Plus platforms at the Federal University in Rio de Janeiro and at the Marin Institute in Wageningen, Holland.  The tests validated the analytical modeling and projected motion characteristics of the SSP Base and SSP Plus models in a variety of environmental conditions.  Of particular note, the tank tests evidenced a high natural heave period for the SSP 320 Plus, demonstrating the potential use of the platform for dry trees, SCR's and drilling applications in harsh environments.
  • Technical Design Portfolio Completion - More than 250 technical design documents were categorized and indexed for easy reference by prospective customers and strategic partners.
  • New CEO - Paul Illingworth joined SSP Offshore as Chief Executive Officer effective April 1, 2010, bringing a wealth of FPSO industry experience to the company.  Upon joining SSP Offshore, Mr. Illingworth led an internal collaborative process that resulted in the adoption of an updated five year business plan.
  • New Independent Director - Effective June 10, 2010, Hugh Parry joined SSP Offshore as an independent director, bringing significant additional FPSO experience to the Board.  Mr Parry's previous experience includes 8 years as Prosafe Production's CFO and CEO and 2 years as senior advisor to DVB Investment Bank.
  • Intellectual Property Advancement - SSP Offshore filed formal patents in the United States related to its proprietary single-point offloading system and elements of the heave module from the SSP Plus platform.
  • Design Development - During the third and fourth quarter of fiscal 2010, SSP Offshore undertook targeted design work on key marine systems, resulting in a simplified design aimed at increasing operational efficiency while reducing CAPEX and OPEX costs.
  • Technical Validation by Super Major - SSP Offshore obtained formal technical acceptance of the SSP Base design from Chevron Energy Technology.
  • FEED Work - SSP Offshore is currently reviewing potential uses of the SSP platform technology in concert with prospective oil company clients for a number of locations including the North Sea and other harsh environmental areas, which are viewed as niche areas for round FPSO technology advancement.
  • Strategic Discussions - During the course of 2010, management engaged in a number of discussions with prospective strategic partners. These discussions have led to ongoing relationships whereby the SSP technology is being presented as a solution for specific offshore projects in concert with local project partners.  Management is optimistic that these relationships will mature into formal transactions and/or alliances within the 2011 year.

Summarizing the 2010 year, Paul Illingworth stated that "we have continued to make discernible progress each quarter in fiscal 2010 and I believe that SSP Offshore is poised for a successful 2011, during which we believe that the foundation that we have laid to date will lead to tangible and visible progress in the commercial advancement of the SSP Base and SSP Plus platforms."

About SSP Offshore Inc.

SSP Offshore is a public company listed under the symbol "SSZ" on the TSX Venture Exchange. The Corporation 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.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

SOURCE SSP Offshore Inc.

For further information:

L. Daniel Wilson, President, at (403) 358-1110 (phone) or dwilson@sspoffshore.com

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