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Fpso Osx

OSX Raises $500 Million With Bond Issue

OSX raised $500 million by issuing Senior Secured Bonds in the international market, the net proceeds of which shall be used for the construction of its FPSO OSX-3. “The issue of a $500 million Bond by OSX in the private international market reaffirms the soundness and consistency of OSX’s projects. In addition to launching our presence in the international fixed income market, this operation consolidates the partnerships OSX has been building with global financial institutions. The construction of FPSO OSX-3 moves steadily towards its oil production in Brazil.” said Luiz Carneiro, CEO of OSX. The FPSO OSX-3 will have an oil production capacity of 100.000 bopd and a storage capacity of up to 1.300.000 bbls. The unit will be chartered to its client OGX for operation in the Campos Basin during a 20 year-period. The construction of the FPSO OSX-3 is currently underway in Singapore, at the Jurong Shipyard, pursuant to the turn-key contract for its engineering, procurement, construction and installation (EPCI), entered into between OSX-3 Leasing B.V. and Modec International Inc. in July, 2011. The financial terms of the Bond issued by OSX-3 Leasing B.V. provide for final maturity in March, 2015, at an interest rate of 9.25% pa, payable quarterly. OSX-3 Leasing B.V. will have a call option, exercisable between 15 and 24 months from the date of issuance, at 103% of the face value, or between 24 and 36 months at 102% of the face value


FPSO OSX-1 Mooring System Enroute to Brazil

The disconnectable buoy that comprises the mooring system of the FPSO OSX-1 (floating production, storage and offloading unit for oil and gas) belonging to OSX, an EBX Group company, has already departed Batam in Indonesia and will arrive in Rio de Janeiro in September. It will be used for producing the first oil by OGX at Waimea in the Campos Basin. This is a large scale piece of equipment, with a height of approximately 17m, a diameter of 14m and weighing over 700 tons


Keppel Shipyard Contract to Modify FPSO OSX-1

Photo courtesy Keppel Shipyard

Keppel Shipyard Limited (Keppel Shipyard) has secured a contract for the modification of the Floating Production Storage and Offloading (FPSO) vessel OSX-1, worth approximately S$50 million. The FPSO OSX-1 is owned by OSX 1 Leasing B.V., a subsidiary of OSX Brasil S/A. Commencing in the third quarter of 2010, Keppel Shipyard’s scope of work includes procurement, detailed engineering and the modification of the topside process modules


OSX To Locate Brazil Shipyard & Produce Rigs

According to a Sept 14 report from The Wall Street Journal, OSX Brasil SA, the shipbuilding and ship-services company controlled by Brazilian billionaire Eike Batista, will decide on the location of its first shipyard by year end and plans to be producing oil platforms in 2013-2014, a company official. OSX’s main client is oil company OGX Petroleo e Gas Participacoes SA (OGXPY,OGXP3.BR), also controlled by Batista.


Batista companies extend test in Brazil offshore field

Brazilian tycoon Eike Batista's bankrupt shipmaker and sister oil company are extending tests in the offshore Tubarão Azul field until March 7, according to a Wednesday securities filing. OSX Brasil SA said its OSX-1 platform would continue tests in the field operated by Oleo e Gas Participações SA, the oil producer formerly known as OGX. The failure to produce as much oil as expected at Tubarão Azul, Batista's first offshore field


OSX Brasil Suspends Creditor Payments

Photo courtesy of OSX

A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday, OSX sought protection for its OSX WHP 1&2 Leasing BV unit after an unnamed "alleged creditor" asked a court to order payment in a way that threatened OSX's obligations to other creditors.


Qingdao and CNOOC Sign Contract

The Qingdao Beihai Shipbuilding Heavy Industries Co., Ltd. and the China National Offshore Oil Corporation (CNOOC) have recently signed a contract on the building of a 100,000-ton FPSO (floating, production, storage and offloading) vessel in Haixi Bay of Qingdao. Qingdao will thus become China's third FPSO vessel building base after Dalian and Shanghai. FPSO, used for offshore oil exploitation and production, has a high technology content and is difficult to build


Keppel Delivers FPSO

Keppel Shipyard Ltd (Keppel Shipyard), a unit of Keppel Corporation Limited through Keppel Offshore & Marine Ltd (Keppel O&M), has delivered FPSO Capixaba, with a conversion contract value of over S$90 million. The 13-month fast-track project is the sixth Floating Production Storage Offloading (FPSO/FSO) conversion project for Keppel Shipyard from Single Buoy Moorings (SBM), member of the SBM Offshore N.V. Group, since 2000.


Jurong Secures FPSO Conversion Contracts

Jurong Shipyard, a wholly owned subsidiary of SembCorp Marine, has secured two Floating Production Storage and Offloading (FPSO) conversion contracts worth a total of $58m from Tanker Pacific Offshore Terminals Pte Ltd (Tanker Pacific). The first contract involves the conversion of the 92,802 dwt tanker, the M.T. Andaman Sea, which will be renamed FPSO Raroa upon completion in 4Q 2007. Modification works on the FPSO Raroa will commence immediately involving the installation of an internal


Flexibility Key to MES’ New FPSO Hull Platform

Japanese shipbuilder Mitsui Engineering & Shipbuilding Co., Ltd. (MES) announced it has developed a next generation hull platform for floating production, storage and offloading system (FPSO) that aims to offer improved flexibility between projects.   Offshore oilfields vary in environmental conditions and oil properties relative to geographical location, requiring shipyards to frequently change hull design and construction scheme to satisfy varying requirements for each project


Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

HANSA HEAVY LIFT has transported five pipe racks and three modules, weighing a total of 1,871.51 metric tons and measuring 24,075 m³, for a new FPSO unit off the coast of Brazil (Photo: HANSA HEAVY LIFT)

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported by heavy lift shipping specialist HANSA HEAVY LIFT for a new floating production storage and offloading unit (FPSO) to


Keppel to Deliver First North Sea FPSO

BUMI ARMADA

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Kraken Pte Ltd (Armada Kraken), a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada)


FPSO Turritella Producing, On Hire

Turritella (Photo: SBM Offshore)

SBM Offshore stated that FPSO Turritella is formally on hire as of September 2, 2016 after achieving Commencement of Commercial Production (CoCP).  The CoCP certificate was issued on September 8, 2016.   The vessel is installed in Shell's Stones development located in 2,896 meters (9


Teekay Offshore Bags North Sea Shuttle Tanker Contracts

Courtesy Teekay Offshore Partners

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has been awarded new three-year shuttle tanker contracts of affreightment (CoA), plus extension options, with BP plc, Royal Dutch Shell and OMV Group


Heavy LIfting: Moving Modules for Brazilian FPSO

Load-out of the fourth module onto the module carrier MV Mega Trust using Mammoet’s SPMTs. (Photo: Mammoet)

Mammoet delivers full logistics scope for FPSO module integration project    On April 6, Mammoet, a service provider specializing in engineered heavy lifting and transport, completed a load-out of the first set of four modules bound for the FPSO (Floating Production


Chain Tensioning, Cutting Completed for FPSO Turritella

FPSO Turritella (Photo: InterMoor)

InterMoor said it has completed the final tensioning and chain cutting operations on the FPSO Turritella for the Shell Stones project, located in the Walker Ridge protraction area in the Gulf of Mexico (GoM).    The FPSO Turritella will connect to subsea infrastructure located beneath


FPSO Crew Rescues Trapped Sea Turtle

A free turtle – mission accomplished (Photo: Teekay)

Shortly after lunchtime on June 5 onboard FPSO Cidade de Rio das Ostras, a crew member spotted a sea turtle trapped in a fishing net drifting on the surface of the waves.   A report was made immediately after the sighting and after a brief meeting


DNV GL Issues First “Clean Lay-up” Declaration

FPSO Munin, currently laid up at Labuan, Malaysia, is the first vessel to receive the DNV GL “Clean Lay-up” declaration. Photo: DNV GL

 Classification society DNV GL announced at the Posidonia trade fair that it had issued the first “Clean Lay-up” declaration under its newly released classification guideline   The guideline enables shipowners and managers to demonstrate that their vessel is laid up in a


FPSOs Sit Unprecedentedly Idle

FPSO Cidade de Marica SBM (Photo: Claudio Paschoa)

While the oil and gas markets are starting to come to life, nearing the $50 per barrel mark, the future fate of floating production remains a mystery   The 20 year four-fold growth pattern in the world’s FPSO fleet stalls out in 2016 with a record number of FPSOs idle and available


Aibel Bags Greater Enfield Project Contract

Aibels offices in Singapore. Photo Aibel

Aibel Pte Ltd in Singapore has been awarded the E&P contract for modifications on Woodside Energy Ltd’s Nguijma-Yin floating production storage and offloading (FPSO) off Western Australia. The FPSO will undergo modifications to the topsides, hull and turret


Keppel Secures Marine Projects worth S$120 mln

Photo Courtesy BW Offshore

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) has secured four contracts worth a total of about S$120 million from repeat customers. Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M, said


Malaysian Yard in Troubled Waters

Pic: THHeavy Engineering Berhad

 Malaysian shipyard TH Heavy Engineering (THHE) has been served with three winding-up petitions over an alleged debt of around $9.52million in total, for the supply of equipment and work done on the Layang floating, production, storage and offloading (FPSO) vessel.  


Petrobras Bringing Two FPSO Platforms Online

Cidade de Saquarema (File photo: SBM Offshore)

Brazil's state-led oil company Petroleo Brasileiro SA is working hard to meet its production targets, the company's head of exploration and production, Solange Guedes, said on Monday in a telephone interview.   Guedes said the company's floating, production


Det Norske to Restore Production at Alvheim after Leak

Alvheim FPSO (Photo: Det norske)

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak, stopped production earlier on Thursday.   There was no discharge into the sea as a result of the incident, it added.  


BP's Glen Lyon FPSO Hook-up Underway

File photo: Glen Lyon FPSO (Courtesy BP)

Mechanical engineering specialist EnerMech said it is in the process of delivering a £5-million-plus contract to support the turret delivery team on BP’s Glen Lyon FPSO, which has arrived for hook-up operations West of Shetland.  






 
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