SBM Offshore Signs Deal With Noble Energy, Announces Thunder Hawk Tiebacks

(RTTNews) - SBM Offshore N.V. (SBFFY.PK), a dutch provider of floating production solutions to the offshore energy industry, Tuesday said it has signed a Production Handling Agreement or PHA with Noble Energy Inc. (NBL) to produce the Big Bend and Dantzler fields to the Thunder Hawk DeepDraft Semi located in 6,060 feet of water in the Gulf of Mexico.

According to the firm, production fees associated with produced volumes are estimated to lead up to projected revenue of $400 million to be delivered over the ten year primary contract period.

First oil from Big Bend and Dantzler are expected in late 2015 and first quarter 2016, respectively. At these levels both fields will utilize a maximum of 85 percent of total daily asset capacity, and brownfield construction to upgrade the facility will be handled by Noble Energy.

Noble Energy operates a 54 percent working interest in Big Bend and a 45 percent working interest in Dantzler. Big Bend and Dantzler will be developed via a dual pipe-in-pipe loop system.

The Thunder Hawk DeepDraft Semi, installed in July 2009, was developed as a Steel Catenary Riser friendly floater solution.

SBM CEO Bruno Chabas noted, "SBM Offshore is pleased that the Thunder Hawk platform allowed for a cost effective development solution for Noble Energy and its partners. The deepwater semi solution offers numerous advantages for subsea developments including reduced development capital, lower operating costs and an accelerated development schedule. This confirms the strategic value of the platform for deepwater Gulf of Mexico production."