MarineLink News Search
Search term • Floating-Production
Create an email alert for Floating-Production
This Decade's Oil Boom is Moving Offshore - Way Offshore
Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects, including some in the remote iceberg waters far off Canada's Atlantic coast.Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on. Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling.
Floating Production Market Is Booming
The market for floating production systems is booming, according to World Energy Reports' (WER) latest assessment of activity and developments in the offshore oil and gas market.“Business conditions and market sentiment in the deepwater sector have seldom been so positive,” said Jim McCaul, founder and principal analyst of WER.“Major upstream operators continue to rake in record cash and spending on new upstream projects has been ramping up,” McCaul said.
ABS Launches 'First' Sustainability Guide for Offshore Industry
Maritime classification society The American Bureau of Shipping (ABS) on Monday launched detailed requirements for greener offshore operations in what it said was the first sustainability guide to target the offshore industry."Developed by working with major offshore industry clients, ABS today launches a revised sustainability guide expanded with offshore asset compliance requirements.The updated…
Johan Castberg FPSO Suffered Minor Damage in Fire, Equinor Says
Equinor's Johan Castberg floating production, storage, and offloading (FPSO) vessel suffered only minor damage during a fire on Wednesday, and the project's timeline will not be affected, a company spokesperson said on Thursday.The vessel is under construction at a shipyard in western Norway. Workers were evacuated during the fire, and there were no reports of injuries. "With the exception of a small area…
Fire Breaks Out Aboard Equinor's Castberg FPSO at Norway Yard
A fire broke out on Wednesday aboard oil major Equinor's Johan Castberg floating production, storage and offloading (FPSO) vessel, which is under construction at a shipyard in Norway, public broadcaster NRK reported.Workers were evacuated and there were no reports of injuries, according to the report.The Arctic Johan Castberg oilfield is scheduled to come onstream in the fourth quarter of 2024, the Norwegian government said last year.Equinor was not immediately available for comment when contact
SBM Orders Seventh Fast4Ward Hull
Dutch FPSO leasing specialist SBM Offshore has ordered its latest Fast4Ward multi-purpose floater hull as it marked a new record level order book at $31.1 billion.
KOTUG To Support Liza FPSOs Off Guyana
KOTUG's subsidiary KOTUG Guyana has been awarded a second contract by ExxonMobil affiliate Esso Exploration and Production Guyana to support operations in Guyana. KOTUG’s latest addition, the 120 tonnes bollard pull strong SD Honour, will join the fleet of dedicated offshore terminal tugs supporting the two floating production, storage and offloading vessels (FPSOs), Liza Destiny and Liza Unity, on the Stabroek Block…
Keppel O&M Wins $54.5 Million in Floating Production Contracts
Keppel Offshore & Marine Ltd (Keppel O&M)’s wholly-owned subsidiaries, Keppel AmFELS in the U.S. and Keppel Shipyard in Singapore, have been awarded contracts worth around S$75 million (US$54.5 million) for the refurbishment and completion of two floating production units (FPU). The first contract is by Keppel AmFELS with Salamanca FPS Infra, LLC for the refurbishment of a floating production unit to be operated by LLOG Exploration Offshore…
Keppel Posts 66% Jump in First-half Profit
Singaporean conglomerate Keppel Corp on Thursday reported a first-half profit that rose 66%, helped by higher earnings across most of its main businesses and a rebound at its offshore & marine (O&M) unit.Keppel, which traces its roots to a small ship repair yard corporatized in 1968, has seen its renewable energy and asset management units bounce back this year, offsetting a decline in its urban development business."In an extended inflationary environment, demand for real assets with cash flow,
BP Reserves Yinson FPSO for Angola
BP has reserved Yinson's Nganhurra floating, production storage and offloading (FPSO) vessel for use on its proposed 10-well subsea Palas, Astrea and Juno oil fields (PAJ Project), on Block 31, offshore Angola.Under an agreement signed between BP and Yinson, Yinson will exclusively allocate FPSO Nganhurra to BP for the PAJ Project until 31 December 2022, with an extension option until 30 June 2023…
SBM Offshore Closes $1.75B Financing for Its Largest FPSO Yet
Dutch FPSO leasing specialist SBM Offshore said Thursday it had completed the US$1.75 billion project financing for the FPSO One Guyana. The company has previously said that this would be the company's largest FPSO so far. It will be deployed at ExxonMobil's Yellowtail development, offshore Guyana.The Dutch firm, which is behind all four FPSO projects in Guyana, said the One Guyana project financing was secured by a consortium of 15 international banks.
Guyana Races Against the Clock to Bank Its Offshore Oil Bonanza
For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…
Drydocks Orders Kanfa FPSO Topside Module
UAE-based shipyard Drydocks World has signed a contract with Norway-based Kanfa to deliver a topside module for a floating production storage and offloading vessel.In what will be the first collaboration between Drydocks World and Kanfa, the M10 module will be placed on the main deck of the FPSO.The module will be used to process crude oil received from oil wells, which will be dewatered and stabilised to meet export quality specifications.
Petrobras Buys Its First Guyanese Crude Cargo
Brazilian state-controlled oil company Petrobras has bought its first cargo of Guyanese crude for refining domestically, the company told Reuters, as South America's…
Havfram Bags Senegalese Mooring Pre-Lay Contract from MODEC
Offshore services company Havfram announced it has been awarded a contract from MODEC Offshore Production Systems (Singapore) Pte Ltd. (MODEC) for the pre-installation of the subsea mooring system for a floating production storage and offloading (FPSO) in 2022.MODEC’s parent company, MODEC, Inc., will supply this facility to Woodside, for deployment in Senegal as part of the Sangomar Field Development Phase 1 project.
Demand Grows for OSVs in the Offshore Floating Production and Storage Energy Sector
Over the last year we have seen an upswing in floating production and storage systems ordering after many years of low activity. According to our colleagues at World Energy Reports, “The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production…
Lebanon's Hezbollah Says Could Disrupt Start-up of Energean's Karish Gas Field Over Maritime Dispute with Israel
The head of Lebanon's Hezbollah said on Thursday that his group could stop Israel from extracting gas from a maritime field that Beirut says lies in disputed waters, adding Hezbollah is "not afraid of war."Lebanon warned Israel on Sunday against any "aggressive action" in disputed waters where both states hope to develop offshore energy, after a vessel operated by London-based Energean arrived off…
Lebanon to Invite U.S. Envoy for Maritime Talks After Spat with Israel
Lebanon said on Monday it would invite a U.S. mediator to Beirut to continue negotiations over a disputed maritime boundary with Israel to prevent any escalation after accusing Israel of encroaching on contested waters.The issue flared up on Sunday when a vessel operated by London-based Energean arrived off the coast to develop a gas field which Israel says is part of its exclusive economic zone but…
Italy's Snam Buys Golar Tundra FSRU for $350M
Italian gas group Snam has agreed to buy Golar LNG's floating storage regasification unit (FSRU) Golar Tundra for $350 million.The Golar Tundra can operate both as an LNG carrier and as an FSRU.
Floating Production Market Going Gangbusters
The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector have seldom been stronger. Brent crude has been trading above $100 over the past three months, generating record profits for E&P operators -- providing an incentive to increase…