OSG's FSO Joint Venture signs New Agreement

Press Release
Thursday, October 04, 2012

Overseas Shipholding Group, Inc. has announced that a new service agreement has been signed with Maersk Oil Qatar AS ("MOQ") for FSO Africa, a floating storage and offloading service vessel (FSO) jointly owned by OSG and Euronav N.V. (Euronext Brussels: EURN).  The new agreement, which supersedes the previous FSO Africa contract, has a firm term of five years commencing October 1, 2012 and provides MOQ with an extension option for an additional term of either one or two years.   


In addition to the extension of the minimum contract term by over four years, the new agreement provides for an increase in the daily hire rate earned in each firm contract year to the same daily hire rate schedule as for the existing MOQ service contract for FSO Asia, its sister vessel.  The new agreement extends to MOQ use of the full capacity and functionality of FSO Africa.


FSO Africa and FSO Asia are the two largest and most sophisticated double hull FSO vessels in the world. The vessels continue to operate at a high level of performance in terms of quality of oil produced and without incurrence of off-hire since their respective in-service dates (January 2010 for FSO Asia; August 2010 for FSO Africa).  


Morten Arntzen, President and CEO commented: "We are pleased to have finalized the new five-year contract for the FSO Africa with MOQ.  This extension is testament to the high quality service delivered every day of the year by our crews and technical staff operating these incredibly high-spec FSOs in the waters offshore Qatar.  With both of our FSOs operating on long term contracts in Qatar, our initial vision for this important joint venture has been realized.  Together with our partner Euronav, we look forward to building upon the close relationship we've forged with MOQ as they continue to operate on the Al Shaheen field."

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

Two Navy Contracts for GD Bath Iron Works

Included in the latest listing of contracts awarded by the US Department of Defense, Navy, are two contracts with General Dynamics Bath Iron Works, Bath, Maine.

AMSEA Awarded US$33-Million Navy MSC Contract

General Dynamics American Overseas Marine LLC (AMSEA) apprises it has been awarded the USD$32.7 million contract modification to operate and maintain seven large,

Offshore

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

North Sea Maintenance Offsets Lack of Sales to Asia

North Sea Forties crude differentials were unchanged on Tuesday in light trade, supported by upcoming North Sea maintenance, but the forward curve weakened due

Saipem: A Fleet Grows in Brazil

As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems.

Energy

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

Canada To Keep Keystone XL Issue Alive With White House

Far from giving up on the Keystone XL pipeline to the United States, Finance Minister Joe Oliver said on Tuesday Canadawould keep the issue alive with the Obama

EU gives Geneva deal a chance before adopting new Russia sanctions

The European Union is holding off imposing further sanctions on Russia for now over its actions in Ukraine until it sees if a deal reached in Geneva last week works, EU diplomats said on Tuesday.

News

USS Taylor to Enter Black Sea

The U.S. Navy reported that the Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., will enter the Black Sea April 22 to promote peace and stability in the region.

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

BIMCO: Positive Economic Developments Benefits Shipping

The recovery of the Eurozone continues as job creation returns across the region. The hiring of more staff indicates that manufacturing and service industries believes

Vessels

USS Taylor to Enter Black Sea

The U.S. Navy reported that the Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., will enter the Black Sea April 22 to promote peace and stability in the region.

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

New Scheduled International Cargo Shipping Service

The U.S. Department of Transportation’s Saint Lawrence Seaway Development Corporation (SLSDC) today joined the Port of Cleveland in announcing the launch of the

 
 
Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1251 sec (8 req/sec)