HOUSTON, Jan. 4 /CNW/ - SSP Offshore Inc. ("SSP Offshore") released a
year-end summary of key company developments achieved during the 2010
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
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
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 firstname.lastname@example.org