Navion Munin to be sold

July 20, 2001, 10:00 CEST

The Navion Munin production ship, which produces oil on the Statoil operated Lufeng field in the South China Sea, is to be sold to Bluewater.

Navion Munin is owned by the Navion offshore and shipping company, in which Statoil has an 80 per cent interest. The processing facilities belong to Advanced Production Systems (APS) which is in turn owned 50-50 by Statoil and Aker Maritime. Both the ship and the processing facilities are included in the sale.

Bluewater will take over the ship on 1 October and, at the same time, the Chinese Lufeng Development Company, which is jointly owned by Navion (82 per cent) and APS (18 per cent).

Navion Munin has produced oil on Lufeng, which lies 250 kilometres south-east of Hongkong, since 27 December 1997. Regularity has been high and more than 26 million barrels of oil have been produced.

Bluewater, owner and operater of FPSO (Floating, production, storage and offloading) units, recently entered into a contract with Navion to purchase the Berge Hugin production ship. The Berge Hugin has been producing oil from the Enterprise operated Pierce field in the British sector since February 1999.

The sale of the production ships is part of the restructuring process of Navion's floating production business area.