Jurong Completes FPSO Upgrade
Singapore’s Jurong Shipyard Ltd (JSL) has announced that the upgrading of the FPSO Sendje Berge was completed on December 7. Measuring 349 m x 52 m x 27 m, the 274,000 dwt FPSO Sendje Berge underwent major upgrading and installation works to boost her production and storage capabilities. Life extension works were also carried out to extend the FPSO vessel’s life for an additional four to eight years without drydocking. The FPSO upgrading is the Sendje Berge’s second operation at Jurong Shipyard, following the vessel’s successful conversion from VLCC Berge Charlotte in 2000. On delivery, the FPSO Sendje Berge will be on chartered to leading oil and energy company Addax Petroleum, a subsidiary of Addax & Oryx Group, for exploration and development works in the Okwori Field, offshore Nigeria.
SembCorp Unveils Plans To Save $18M/Year
SembCorp Industries Ltd. unveiled details of its shipyard restructuring, resulting in annual savings of $18 million from 2001 to help the group stay competitive. SembCorp will reportedly eliminate duplications in yard operations of Jurong Shipyard Ltd., Sembawang Shipyard Pte. Ltd., SembCorp Logistics and its Indonesian Karimun yard. The revamp would see SembCorp setting up three units -- JPL Services, Jurong Machinery Automation and Jurong Integrated Services -- to serve the group's yards. JPL would supply all the yards' electricity and water as well as rental of equipment and maintenance. Jurong Integrated will be involved in steel fabrication and piping works for the yards, while Jurong Machinery would provide machinery fitting and marine automation.
Jurong Shares Firm Amid Stock-Split Rumors
Shares of Jurong Shipyard Ltd. firmed by more than six percent in early Friday trading on rumors that the shipyard might announce a stock-split exercise to improve its liquidity, dealers and analysts said. Fueling the market's excitement over Jurong was SembCorp's impending news conference, possibly next week, where Jurong was expected to announce further merger details and restructuring of its shipyard operations. SembCorp, with a yard capacity of 1.8 million dwt, is the owner of Asia's largest shipyard outside Dubai.
