Article: Marubeni Announces Strategic Alliance with Fred. Olsen Production ASA for Offshore Oil Field Development Projects.

Tokyo, Japan, May 9, 2007 - (JCN Newswire) - Marubeni Corporation (TSE: 8002) announced today that Marubeni and Fred. Olsen Production ASA ('FOP'), of Norway, have formed a strategic alliance for identifying and executing FPSO/FSO* projects in certain countries in the Asian region including Vietnam, China, Thailand and Cambodia.

FPSO/FSOs are floating systems for developing offshore oil fields, with oil storage capacity. In general, an FPSO/FSO is utilized in cases of development of distantly-located, deep-water or marginal fields, or for the purpose of early production. Compared to fixed platform production systems, FPSO/FSO has merits including,

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