BW Offshore has signed the contract for the completion of the FPSO OSX-1, a project with an approximate value of the scope of USD 150 million. BW Offshore will act as the project manager, assisting the owner, a subsidiary of the Brazilian publicly traded company OSX Brasil S/A, providing engineering services, detailing the equipment required for the customization activity, and supporting the procurement process.

The scope of work includes among others topside modifications for heavy oil processing, water separation and power generation. The scope also includes the delivery of a Submerged Turret Production (STP) system from APL, a division of BW Offshore.

The project will be completed mid 2011.

The FPSO will operate for the Brazilian oil company OGX in the Campos Basin offshore Brasil.