Ceona Secures Normand Pacific Work in the Oyo Oilfield in Nigeria With CAMAC Energy Inc.

LONDON, UNITED KINGDOM--(Marketwired - May 22, 2014) - Ceona, SURF contractor with heavy subsea construction capabilities, has been awarded a contract for work in the Oyo oilfield offshore Nigeria from CAMAC Energy Inc. (NYSE MKT: CAK). The Oyo Phase One Expansion Project consists of the installation and recovery of umbilical and flexible pipe as well as light subsea construction in up to 500m water depth.

Project management will be performed by Ceona, while local offshore support and engineering work will be delivered in partnership with their local partner, Marine Platforms Limited (MPL) in Lagos, Nigeria. Offshore works are planned to commence in July 2014 using the Normand Pacific. Ceona has chartered the vessel from Solstad Offshore since April 2014 for one year, with an option of extension.

Ceona mobilised the Normand Pacific with a new high-specification 75t VLS, a reel drive system of 400t reels and two work-class ROVOP ROVs in Galveston (Gulf of Mexico). The vessel's first contract as part of the Ceona fleet was working on the Clipper Contingency Umbilical Installation Project for Bennu Oil and Gas in the Gulf of Mexico.

Mark Preece, Executive VP Commercial and Business Development at Ceona commented: "We are delighted to have secured this installation project from CAMAC Energy. Working in partnership with MPL, Ceona continues to build its reputation for excellent project management and offshore performance. West Africa is a key market for Ceona and we are well positioned to compete for the many upcoming SURF projects in the region".