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
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.
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 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
Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production, storage and offloading (FPSO) unit for the Atlanta field located in the Santos Basin offshore Brazil. In connection with the contract with QGEP, the partnership has agreed to acquire the Petrojarl I FPSO from Teekay Corporation for $57 million
BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the group's discoveries in the Santos Basin, offshore Brazil. The FPSO will produce from the Iracema North area of the Lula field in
Bluewater Energy Services B.V. informs it was awarded a contract from shipbuilder Hyundai Heavy Industries (HHI) for the engineering, procurement, construction and integration (EPCI) of a turret and mooring system for a floating production, storage and offloading (FPSO) vessel to be part of the
Even as world energy prices continue to maintain low pricing levels, offshore contracts are there to be won. Keppel Offshore & Marine Ltd has secured a Floating Production Storage and Offloading (FPSO) conversion contract as well as three repair
At first, the oil-price and project-cancellation forecasts had hushed the audience at FPSO Europe Congress 2015. Speaker No. 1 had delegates looking at each other for signs of fear. Then, rival contractors — veterans of many a bitter tender — piled on the logic of their own methods for
Kongsberg Maritime has been selected to supply a complete Electrical, Instrument and Telecom solution, including E- house, for the new Yinson Production (West Africa) Pte Ltd FPSO, ‘Yinson Genesis’. According to the company
Exxon Mobil Corporation announced today that its subsidiary, Esso Exploration Angola (Block 15) Limited (Esso Angola), has started oil production ahead of schedule at the Kizomba Satellites Phase 2 project offshore Angola. Kizomba Satellites Phase 2 is a Block 15 subsea infrastructure
Drydocks World has secured a contract from Orwell Offshore to fabricate an external Turret for FPSO Layang. Drydocks World said its team will play an integral role in facilitating project completion during this fast track project expected to be delivered in the first quarter of 2016.
Trelleborg’s marine systems operation has been awarded the contract to supply complete tandem mooring systems to two floating production, storage and offloading (FPSO) vessels in Angola, West Africa. The Angola-based FPSO tandem mooring projects demanded solutions capable of
Tidewater Subsea & T1 Marine complete BW Offshore FPSO inspection offshore Nigeria Tidewater Subsea, in affiliation with its local Nigerian joint venture company, T1 Marine, has completed mooring and hull inspections program for BW Offshore's Sendje Berge FPSO.
Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating, production, storage and offloading (FPSO) vessel, which is built at the Jurong Shipyard
Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015
Sea Trucks Group announced the award of its first contract in Brazil. Sea Trucks, a global provider of offshore installation services to the oil and gas industry, said it will provide accommodation support services to Saipem for 300 POB, including lifting operations
SBM Offshore has entered an agreement with Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) for the acquisition of a stake in the joint venture companies incorporated for the purpose of owning and operating Floating Production Storage and Offloading (FPSO) Turritella
NYK has made the decision to invest jointly with the Mitsubishi Corporation (MC) in the chartering, operation, and maintenance of a floating production, storage, and offloading (FPSO) vessel* in the Stones project, an ultra-deep-sea field in the Gulf of Mexico 2
SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history. Project financing was secured by a consortium of 16 international banks with insurance cover