SSP Offshore Inc. Announces Revised MOU Agreement to Collaborate on Brazilian Hub / Terminal Projects

HOUSTON, Aug. 24, 2012 /CNW/ - SSP Offshore Inc. (the "Corporation") announces that it has entered into a revised Memorandum of Understanding (the "Revised MOU") with its prospective Brazilian joint venture partner under which the parties agree to continue their efforts to jointly commercialize the Corporation's SSP Hub circular hull design as a logistics base in Brazilian territorial waters.

Under the Revised MOU, the parties will work towards finalization of the definitive joint venture framework documents within 90 days.   The Revised MOU provides for the advance by the Brazilian entity of certain exclusivity fees to the Corporation which will support the Corporation's ongoing commercialization efforts of the SSP Hub circular hull design.

In addition, the Corporation announced that it has filed its second quarter financial statements and associated MD&A for the period ending June 30, 2012.  Copies of these documents are available online at www.sedar.com.

About SSP Offshore Inc.

SSP Offshore is a public company listed under the symbol "SSZ" on the TSX Venture Exchange. The Corporation is actively commercializing its proprietary SSP® FPSO platform design in two formats: (i) SSP Base; and (ii) SSP Plus. Visit the company's website at www.sspoffshore.com for more information.

The TSXV has neither approved nor disapproved of this press release.

SOURCE: SSP Offshore Inc.

L. Daniel Wilson, President, at [phone] (phone); or via email at [email protected].