BARDEX TO SUPPLY MOORING SYSTEM FOR USE ON TOTAL’S USAN FPSO FOR OPERATION OFFSHORE NIGERIA

GOLETA, California, U.S.A., February 20, 2009

Bardex Corporation, with headquarters in Goleta, California, has signed a major contract with Hyundai Heavy Industries of Korea to design, manufacture and supply a mooring system for use on Total’s USAN FPSO destined for operation offshore Nigeria. The USAN field is located 100 km south east of Bonny Island and the FPSO, which will be moored in 750m water depth, will be operated by Elf Petroleum Nigeria. The specially designed mooring system includes sixteen BarLatch™ fairlead stoppers sized to hold the 1,770 tonnes break strength of the system’s 147 mm R3 studless chain, four moveable linear chain jacks rated for a stall pull of 382 tonnes, two 255 tonnes pull-in messenger winches and two hydraulic power units each of which can provide up to 480 kW. Deck equipment and other associated system components complete the contract.

Bardex is completing final design details and will start manufacturing in the first quarter 2009 with phased deliveries commencing in the third quarter 2009 and continuing into the first half of 2010.