The Euronav/OSG contract consists of offloading systems for two floating storage and offloading units (FSO). The contract with Modec is for two offloading systems for a floating production and storage offloading unit (FPSO).

The offloading system from Aker Solutions is a configuration of mooring and offloading equipment at the stern/bow of the FSO/FPSO which allows for the offshore transfer of crude oil from the FSO/FPSO to a shuttle tanker. The offloading system establishes a safe and secure connection for the hose to the shuttle tanker.

This connection can be quickly and safely disconnected in the event of an emergency without creating surge loads in the hose. The system can reportedly operate at rates of up to 15,000 cubic meters per hour.

The Euronav/OSG vessels are claimed to be the world’s largest crude oil tankers. The vessels will be operated by Euronav/OSG after conversion to FSOs. Modec is converting a tanker to an FPSO at the Cosco shipyard in Dalian, China. The FPSO will be operated for Petrobras off the coast of Brazil.

Delivery of the offloading systems to the FSOs/FPSO will take place within the first and second quarter of 2009. The contract party is Aker Solutions’s subsidiary Aker Pusnes.