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Horizon Oil Announces Maari Joint Venture to Complete Upgrade of FPSO Mooring System

Please find attached the media release from OMV New Zealand, operator of Horizon Oil’s Maari/Manaia field regarding the upgrade of the FPSO mooring system.
The work, which will “future-proof” the mooring system for the next decade, is to be carried out in late Q1/early Q2 2016 coinciding with the annual 10 day maintenance shutdown. The estimated cost of the works is approximately US$4 million, net to Horizon Oil, before insurance recoveries. As previously advised by Horizon Oil, the Company recovered US$7.4 million in insurance proceeds in respect of the swivel repairs and interim mooring line repairs in late 2013.
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