Oceaneering acquires ownership position in Medusa truss spar

By OGJ editors

HOUSTON, Jan. 5 -- Houston-based Oceaneering International Inc. has finalized its $45 million acquisition of 50% ownership in Medusa Spar LLC, which holds 75% undivided ownership in the Medusa truss spar production platform.

Moored in more than 2,200 ft of water in Medusa field on Mississippi Canyon Block 582 in the Gulf of Mexico, the Medusa spar currently has the first of six initial wells flowing and tied back. The other five wells are expected to be producing by the end of third quarter, said Oceaneering Chairman and CEO John Huff.

Other Medusa Spar owners are units of Murphy Oil Corp. and Callon Petroleum Co., with interests of 40% and 10%, respectively.

"The earnings contribution in 2004 and beyond will depend on the initial six well production profiles and production from future wells that may be drilled and tied into the spar. During 2004 we expect the incremental net income impact from our Medusa Spar investment to be in the range of $3.7-5 million," Huff said.

"We believe the Medusa Spar, with a 20-year design life, will prove to be an active production hub and a key asset in the deepwater infrastructure being put in place in the Gulf of Mexico," Huff added.

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