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lieve that it will be a good opportunity for construction in Brazil and also making the most of the advantages offered by foreign shipyards where there are shorter delivery times and lower prices. I think a combination of these would be best.

How do you see the growth in the O&G market in Brazil for the next decade?

I think that says it all! In the next decade, up to 2020, to triple local production to over 6 billion barrels/year is a bonanza! I hope that the growth will be good and that it will not be like the gold rush, where things go crazy, people try to take personal advantage of the situation and lack of resources that can cause a spiral which will not help anyone. In a spiral like this, while the market is growing too quickly, Brazil would not have a com- petitive industry. I think that the long term goal must be that Brazil wants to have a competitive industry. As it is today with too many privileges given through local content, will not help at all. There should be local content, but always look- ing to be competitive internationally and this combination is very difficult to make.

FPSO Cidade de São Vicente.

April 2011 www.marinelink.com 43 (Photo Petr obras)

BW OFFSHORE Company History

BW Offshore was incorporated in Bermuda on June 7, 2005 in order to capitalize on the growing demand for FPSOs. The company is a provider of FPSOs and FSOs through operational lease agreements as well as an EPCI (Engineering, Procure- ment, Commissioning, Installation), contractor of turret mooring systems and off- shore terminals. The floating production division of the company has assets operating in the offshore waters of Brazil, Malaysia, Russia, WA and on both sides of the GOM. BW Offshore has been a pioneer in many respects. It was the first company to operate an LPG FPSO with its operations in Angola. Later the company has converted and installed the first and only Arctic Oil FSO. In 2007, BW Offshore delivered the world's largest converted FPSO, with the biggest throughput capac- ity of any FPSO. Finally BW Offshore is now operating the first FPSO in the Amer- ican side of the GOM, with the BW Pioneer.

OSX 1 FPSO.