SSP Offshore Inc. Announces MOU With New Strategic Partner to Pursue FPSO Projects in Brazil and West Africa

    




 HOUSTON, TX, Sept. 13, 2012 /CNW/ - SSP Offshore announces that it has  entered into a Memorandum of Understanding (the "MOU") with a new  strategic partner to jointly pursue floating storage, production and  offloading ("FPSO") projects in Brazil and internationally based on the  Corporation's proprietary round SSP designs.  The new strategic partner  is an entity with extensive experience in the fabrication, installation  and operation of offshore floating oil and gas infrastructure  worldwide. 

 The MOU provides that this entity will exclusively bid the SSP design  for FPSO projects in Brazilian territorial waters for a three year  period, and in return SSP Offshore commits to work exclusively in  partnership with the strategic partner over the same time period  through a joint venture structure (on terms yet to be defined) for all  Brazilian FPSO projects for which in-country hull fabrication is  commercially advantageous. 

 The MOU also allows for the cooperation of the parties on a  non-exclusive basis for FPSO projects outside of Brazil, with a  particular focus on prospective projects in West Africa. 

 Paul Illingworth, CEO of SSP Offshore, stated that "we are extremely  pleased to have been selected by our new strategic partner as key  component of their future Brazilian FPSO strategy.  This organization  is a recognized world leader in all components of FPSO project  execution and operations, and will provide SSP Offshore with a  significant degree of technical and commercial execution experience and  credibility along with reliable in-country fabrication capacity in  Brazil. 

 In addition, this relationship provides SSP Offshore access to  long-standing fabrication experience and capacity in key West African  countries, which will be critical to the success of the  commercialization strategy that we have been pursuing in the West  African region over the past two years. 

 We have already established a Coordination Committee that has been  tasked with identifying the particular projects to be jointly pursued  under the MOU, and we anticipate that the first bids will be submitted  in the upcoming quarters." 

 About SSP Offshore Inc.  

 SSP Offshore is a public company listed under the symbol "SSZ" on the  TSX Venture Exchange. SSP Offshore is actively commercializing its  proprietary SSP® FPSO platform design in two formats: (i) SSP Base; and  (ii) SSP Plus. Visit the company's website at www.sspoffshore.com for more information. 

 The TSXV has neither approved nor disapproved of this press release. 

 Certain statements contained herein constitute forward-looking  statements. Although the company believes the statements are  reasonable, it can give no assurance that such expectations will prove  to be correct. The company cautions investors that any forward-looking  statements made by the company are not guarantees of the future  performance, and that the actual results may differ materially from  those in the forward-looking statements as a result of various factors. 

SSP Offshore Inc.


CONTACT:  L. Daniel Wilson, President, at [phone] (phone); or viaemailat [e-mail]. 


    

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