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"We'll vigorously defend," Keppel Says After FPSO Arbitration Request
Singapore-based Keppel Offshore and Marine subsidiaries have been slapped with a request for arbitration from an unnamed counterparty in relation to contracts for the delivery of Floating, Production, Storage, and Offloading (FPSO) vessels.Keppel said this week that the unnamed claimant had withheld $11.3 million due to Keppel's subsidiaries under the FPSO engineering, procurement, and construction contracts.Furthermore…
Brazil: Enauta Brings Another Atlanta Field Well Back Online after Pump Failure
Brazilian oil company Enauta has brought online another oil well at its Atlanta field in the Santos Basin, offshore Brazil, following a recent pumping system failure, and is now producing from two wells connected to the Petrojarl I FPSO.As previously reported, the company - formerly Queiroz Galvao - had earlier this month said that the field was producing via one well only due to a failure in the pumping…
Wilson Sons Eyes Opportunities in Gas
A new gas law in Brazil aims to see liquefied natural gas (LNG) will have a relevant role in the national market, a move that could drive new opportunties on the waterfront.Wilson Sons, the largest operator of maritime and port logistics in the Brazilian market, stands to benefit, and last year the company's Towage division carried out more than 25 special operations, which included services to the natural gas or LNG sector…
BHP Taps McDermott for GoM Subsea Installation
Offshore installation company McDermott has won a contract with oil firm BHP for a marine installation campaign for the Shenzi Subsea Multiphase Pumping Project (SSMPP) in the U.S. Gulf of Mexico.The project is located around 138 miles (222 kilometers) offshore in the Gulf of Mexico at a water depth of 4,400 feet (1341 meters)."We look forward to continuing our partnership with BHP through this latest contract award…
Deepwater Sector “Rapidly Accelerates” out of Downturn
World Energy Report’s Jim McCaul estimates up to $40 billion in contracting activity in the coming 18 months in the deepwater market.Get the latest Floating Production Systems Report here
ABS Members Weigh Rule Changes for New Tech
ABS members debated more than 400 changes to its rules during the Annual Marine and Offshore Technical Committee Meetings in May.Key areas for discussion included scantling refinements for containerships and gas carriers, flare tower vibrations and water-backed welding.Members, including leading technical experts from major shipyards, designers, owners and operators, also heard presentations on new EEXI and CII regulations and issues with aging floating production…
Bumi Armada, Shapoorji Pallonji JV to Set Up FSRU in Mumbai Harbour
Through a joint venture firm with Shapoorji Pallonji, Malaysian floating production vessel company Bumi Armada has struck a deal to set up and operate a floating storage regasification unit (FSRU) in Mumbai Harbour.SP Armada Clean Energy Ventures Private Limited (SPACEVPL), Bumi Armada's joint venture with Shapoorji Pallonji entered into a license agreement on May 18, 2021, with the Board of Trustees for the Port of Mumbai to set up…
Petrobras Orders Seventh FPSO for Buzios Field
Brazilian oil company Petrobras has ordered an FPSO from Singapore's Keppel Shipyard, in what will be the seventh FPSO unit installed in the Búzios field, in the Santos Basin.The FPSO, to be named P-78, will have a processing capacity of 180 thousand barrels of oil per day and 7.2 million cubic meters of gas per day. Keppel is expected to deliver the FPSO in late 2024. Keppel said that the value of the order was $2.3 billion.Keppel O&M will build the topside modules weighing 43…
Market Signals Fast Rebound in Floating Production Orders
The deepwater market is rapidly returning to pre-COVID-19 activity levels, and the recovery appears to be gaining strength, according to a recent in-depth analysis completed by International Maritime Associates (IMA) and World Energy Reports (WER).“Lots of green shoots have appeared,” says Jim McCaul, head of IMA/WER. “Oil inventory has been brought down to seasonal average, crude remains in the mid-$60s…
VIDEO: After Modest 2020, the Years 2021 and 2022 Could Be 'Pretty Good' for FPS Orders
There's one thing that's certain about the price of oil, it goes up and it goes down, but nobody knows when that will happen, Jim McCaul, an expert in the offshore floating production sector for 30 years, recently said in an interview for Offshore Engineer TV, discussing the past, the present and the future of the floating production market.Apart from the oil price volatility being a certain thing, there's another thing that's sort of certain.
Keppel in Talks with Petrobras to Build FPSO for Buzios Field
Singapore's Keppel Corporation has confirmed it has been in talks with the Brazilian oil company Petrobras to built an FPSO vessel for the Buzios field offshore Brazil.In a statement on Friday, responding to an article by Upstream Daily News, Keppel Corp. said: "The company wishes to confirm that its wholly-owned subsidiary, Keppel Shipyard Limited, is in advanced discussions with Petrobras in respect…
Gallery: BP's Giant Argos Platform Arrives in Texas
BP's behemoth Argos offshore oil platform, the centerpiece of the company's $9 billion Mad Dog 2 project in the U.S. Gulf of Mexico, has arrived in the U.S. after a 16,000-mile journey from South Korea.The platform, loaded onboard Boskalis' BOKA Vanguard heavy transport vessel, had left South Korea on February 3, and it has this week arrived in the Kiewit Offshore Services fabrication yard in Ingleside…
Sangomar FPSO Construction Starts in China
The conversion of a VLCC into an FPSO bound for Woodside's Sangomar project in Senegal has recently kicked off in China, the Australian oil firm said in a recent report.The 323 meters-long very large crude carrier (VLCC) Astipal in February arrived in China, where it will, in Woodside's words, undergo "a metamorphosis" into the floating production storage and offloading (FPSO) facility for the Sangomar field.
Petrobras Suspends MODEC from Bidding for FPSO Projects
Brazilian national oil and gas company Petrobras has suspended Japanese FPSO specialist MODEC from bidding for new floating production storage and offloading vessel projects. A day after the announcement the Japanese firm named a new CEO but the change is seemingly not related to the Petrobras issue.MODEC, which sees Brazil as its main market, said last Thursday it had received a notification from…
Floating Production Systems Market Bounces Back on Recovering Oil Prices
Orders for production floaters have bounced back over the past month driven by rising crude prices, according to Jim McCaul, head of offshore business intelligence firm World Energy Reports.McCaul bases his assessment on data in a new floating production systems report prepared by World Energy Reports. The report provides details for 206 floater projects in the planning stage, 44 production or storage floaters now on order…
Siemens Energy to Deliver Topside Modules for MISC-built FPSO
Siemens Energy said Friday it had won a contract with Malaysian MISC to deliver eight complete topside modules for an FPSO MISC is building for deployment in South America.According to Siemens Energy, its topside modules "will provide sustainable, efficient, and environmentally friendly power generation, transmission, and distribution, as well as gas processing and compression" aboard an FPSO that…
Gulf of Mexico: HWCG, Helix Extend Fast Oil Spill Response Agreement
Helix Energy Solutions Group has entered into a new agreement for offshore oil spill response resources with HWCG, a consortium of deepwater oil and gas companies in the Gulf of Mexico who have come together with the shared goal of quickly responding to offshore oil spills.Under the agreement, HWCG’s members are given the opportunity to identify the Helix Fast Response System as a response resource in permit applications to U.S.
Report: SBM Offshore Only Bidder for Petrobras' Mero 4 FPSO
Brazil's state-controlled oil company Petrobras received only one proposal, from Dutch SBM Offshore, in a bid to contract construction of the Mero 4 oil platform [FPSO] in the Santos Basin pre-salt, two sources with knowledge of the matter told Reuters.Petrobras' business plan foresees Mero 4 entering operation in 2025 with a capacity to produce 180,000 barrels of oil a day.Petrobras and SBM declined…
Market Report: FPSOs ... Charting the Path Ahead
COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025.These are the findings shared in a recent floating production outlook report produced by International…
ABS Approves HHI's Design for Mexico-targeted FSO
Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) to South Korea's Hyundai Heavy Industries’design for a Floating Storage and Offloading (FSO) vessel that is planned for operations in Mexican waters.The two-million-barrel cargo tank capacity design was reviewed for its compliance with the ABS Guide for Floating Production Installations.“As a leader in offshore classification…