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
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 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
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.
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
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 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
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
KBR awarded FEED for FPSO topsides and hull, Luanda Office to play major role in supplying local content. KBR announce that it has been awarded a FEED contract to perform work for the topsides and hull associated with a new-build, double-sided, single-bottom hull Floating Production Storage and Offloading (FPSO) vessel. The FPSO will be located offshore Angola and FEED is scheduled to start immediately, with a duration of 12 months.
SBM Offshore receives interim award for Fram FPSO from Shell under framework agreement SBM Offshore announces that it has received a letter of interim award (LOIA) from Shell for the supply, lease and operation of a FPSO for the Fram field in the UK sector of the North Sea. The LOIA allows SBM Offshore to commence engineering and procurement of long lead items to ensure timely completion of the planned Fram FPSO project, which is subject to a final investment decision.
Reuters – A Brazilian court has suspended the deadline for shipbuilder OSX Brasil SA to present its restructuring plan under bankruptcy legislation until a new judge is appointed to the case, the company said in a statement. The 60-day deadline to file the plan was already suspended
CAMAC Energy Inc. announced that a long-term contract has been signed for the floating production storage and offloading vessel (FPSO) Armada Perdana. The contract provides for an initial term of five years beginning January 1, 2014, with an automatic extension for an additional two years unless
$136 billion expenditures forecast for Floating Production Unit purchases over the next five years Today, 319 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 74% of systems on order.
Wärtsilä say that the technical design and installation of a new fixed pitch propeller (FPP) for the floating production storage and offloading vessel (FPSO) Ngujima-Yin has been successfully completed. The FPSO is operated by Woodside Energy Ltd
The FPSO Cidade de Ilhabela, the floating oil and gas production, storage and offloading vessel scheduled to operate in the Sapinhoá field, Santos Basin, has arrived at the Brasa shipyard in Niterói (RJ) to finish lifting and integrating thirteen modules into its processing plant
Deltamarin signed a contract with Bumi Armada, for the basic design of a floating production, storage and offloading (FPSO) unit. In November 2013, the Malaysia-based international offshore oilfield services provider, Bumi Armada, announced that they have secured a contract to supply the unit
IHC Merwede says it has been successful in securing orders worth € 350 million for a wide range of dredging and offshore vessels and equipment, including a large trailing suction dredger for a Chinese customer. News of the orders as follows:
IHC Merwede has secured orders worth €350 million for a wide range of dredging and offshore vessels and equipment. The company’s Dredging division has confirmed new contracts for the delivery of a large custom-built trailing suction hopper dredger
Eni Norge AS has awarded mechanical engineering group EnerMech a three-year frame agreement to provide lifting and inspection services on the Goliat FPSO project. EnerMech views the Norwegian oil and gas sector as a key growth area for its seven business lines and in 2014 will invest up to NOK
Unique Seaflex, a Unique Maritime Group company which is an integrated turnkey subsea and offshore solution providers, has facilitated a complex underwater lift project carried out for Lundin Tunisia BV in approximately 300m of water. Lundin Tunisia BV is a 40% stakeholder in and operator of
Wärtsilä say they are to supply a 62 MW topside power module solution for a Floating Production, Storage and Offloading (FPSO) vessel to be deployed at the Kraken oilfield located in the U.K. sector of the North Sea. This EPC (engineering
International industrial cleaning contractor Sureclean completed its largest project to date providing services in support of the Haewene Brim FPSO, Brynhild Project modification and upgrade. Through its relationship with Global Energy Group
The number of floating production units grew 5% in 2013. Here we examine the global market and future opportunities. Currently, there are 319 oil/gas floating production units are now in service, on order or available for reuse on another field
Euronav NV today announced that it has sold its oldest double-hulled VLCC Luxembourg (1999 – 299,150 dwt), for $28 million (USD). The vessel is wholly owned by Euronav. The capital gain on that sale of about $6 million will be recorded at delivery
Currently, 319 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 75% of systems on order. Another 24 floating LNG processing systems are in service or on order