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Progress Report:

ABS Project Manager Lynnda Pekel reports the ABS classed Shenzi TLP, constructed by South Korea's Samsung Heavy Industries, is on schedule for installation in summer 2008 with first oil expected mid-2009. The TLP will be installed in the Gulf of Mexico, Green Canyon area, at a water depth of 4,374 ft. This is the fifth and largest MOSES design TLP to date, with the ability to have up to 20 subsea production wells tied back and capable of processing 100,000 barrels of oil per day and 50 million cubic feet of gas.