Wison Offshore & Marine Announces Award of the World’s First Buoyant Tower Drilling and Production Platform

Houston, TX – Nov 17, 2011 –Shanghai-based Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced today the successful award of contracts to engineer, procure and construct the world’s first Buoyant Tower drilling and production platform. The facility, which will be known as the CX-15 platform, is being supplied for BPZ Energy’s Corvina field located offshore Peru.
 

Wison joint venture company Horton Wison Deepwater(Later changed its name to "Wison Offshore Technology, Inc.") will provide the Buoyant Tower hull detailed engineering, while Wison Offshore & Marine (USA), Inc., will provide project management, procurement, and construction services for the facility’s hull and topsides, which are under construction at Wison’s wholly owned fabrication facility located in Nantong, China.
 

“The CX-15 project is a significant opportunity for Wison to demonstrate our ability to deliver an integrated solution to enable BPZ Energy to develop its reserves,” said Wison Offshore & Marine (USA), Inc. President and CEO L. Dwayne Breaux. “Our teams in the USA and China are excited to be working together on this project and showcase the benefits of our integrated approach to providing offshore facilities to the market.”
 

The Buoyant Tower hull technology, developed by Horton Wison Deepwater(Later changed its name to "Wison Offshore Technology, Inc."), is composed of four cylindrical cells similar to proven cell spar technology and is connected to the seabed by a single suction pile which is integral to the hull structure. The topsides will serve dual functions as both a production facility, complete with gas compression and water injection, and a support structure for a drilling rig. The Platform will include a total of 24 drilling slots.
 

The Horton Wison Deepwater Buoyant Tower design is an enabling technology for the project due to the fact that it does not require a derrick barge for installation – relieving the project of significant risk and cost, as it is located in a region with minimal resident offshore construction vessels.
 

The project award is a significant milestone for Wison Offshore and Marine as it involves business units in both USA and China and will demonstrate Wison’s integrated project model, combining the advantages of the company’s high-quality Chinese fabrication with international project management standards and expertise provided by Wison’s USA based team, and next generation technology developed by Horton Wison Deepwater(Later changed its name to "Wison Offshore Technology, Inc.").