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                  News Release


                  CIMC Raffles and BP enter into an EPC contract


                  Recently, CIMC Raffles and p.l.c., one of the largest oil and gas companies in the world and has businesses in over 70 countries, entered into the EPC contract of a self-elevating accommodation vessel at Yantai. The vessel will serve the Phase I Project of BP’s Tortue/Ahmeyim Oilfield. Last October, the two companies signed the FEED (front end engineering design) contract at London, agreeing that an EPC contract could be entered at the later executing stage of the FEED contract. In this context, the EPC contract has been signed after the two parties successfully performed all duties and responsibilities specified in the FEED contract.

                  According to the new contract, CIMC will design and build a self-elevating accommodation vessel for BP. The vessel will serve the Tortue/Ahmeyim Oilfield Development Project - a LNG (liquefied natural gas) project on the sea of Mauritania and Senegal. Its living zone will meet the HAB++ (OS) – the highest designing standard of American Bureau of Shipping.

                  CIMC Raffles is a world leading EPC contractor of offshore engineering equipment. Its Sweden R&D center Bassoe Technology and Yantai R&D center have jointly assumed the designing tasks in the FEED phase. At the same time, the world leading engineering, construction and consultation service supplier KBR has provided the FEED and project supporting service for the Phase I Project of BP’s Tortue/Ahmeyim Oilfield. “BP QU is the flotel for all staff working at the Oilfield, and it must be offer exceptional safety, quality and comfort. I believe that with the close cooperation among BP, KBR and CIMC Raffles, the project will be a great success”, said Mr. Wang Jianzhong, CEO and President of CIMC Raffles.

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