Nexus enters into negotiations for FPSO

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Feb. 16 -- Nexus Energy Ltd., Melbourne, has entered negotiations with Single Buoy Moorings (SBM) for the supply of a floating production, storage, and offloading vessel for its Crux liquids project in the Browse basin off Western Australia.

The negotiations center on the integrated construction, supply, and operation of an FPSO.

SBM has already been involved in the engineering and design of the gas processing, liquids extraction, and compressions facilities for the project.

Nexus says it also has finalized a settlement with FPSO supplier Viking Oil & Gas International and Viking Shipping following the termination of a memorandum of understanding signed in 2007 for the project. Nexus will pay Viking $12 million by the end of May. A further contingent payment of $5 million is to be made later in 2009 if certain unstated major divestment and liquidity events occur.

Nexus operates the Crux project with 85% interest. Osaka Gas holds the remaining 15%.

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