Singapore’s Shipyards Reflect Booming FPSO Trend

Press Release
Tuesday, December 04, 2012

Traditional shipyards in Singapore are benefitting from booming oil and gas business, as work orders flow in for Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) conversions, states a new report by business intelligence experts GBI Research.


The new report  cites Singapore as the location of around 70% of conversions for the FPSO industry globally, with traditional shipyards such as Keppel, Sembawang, Jurong, and ST Marine fully equipped and responding to substantial demand for FPSO conversions, in addition to the regular ship repair work orders.


In July 23, 2012, Keppel shipyard won three conversion contracts worth US$82m from Petro Vietnam Technical Services (PTSC) Asia-Pacific Pte Limited, Perenco Group, and BC Petroleum. PTSC have contracted the shipyard to convert a tanker into a FPSO unit, to be deployed in the Thang Long and Dong Do oil fields in the Cuu Long Basin offshore of Vietnam, with a scheduled completion date of late 2013. The contract with Perenco involves the conversion of a tanker into an FSO unit to be deployed in the Lucina field offshore of Gabon in 2013, and the contract with BC Petroleum involves the conversion of a tanker into an Early Production Vessel (EPV) to be deployed in the Balai Cluster oil fields in offshore Malaysia. Keppel is already engaged in six FPSO and FSO contracts, and these new projects will work to further improve the yard’s impressive reputation.


Oil and gas majors globally possess single hulled tankers that provide the perfect utility as converted FPSO vessels, which represent an ideal choice for marginal fields or small reserves where the amount of capacity required is low.


Conversion of a single hulled tanker into a FPSO unit costs around 10% of the cost of building a brand new unit, as costs and time needed for engineering, construction, outfitting and commissioning are a great deal reduced, materials and basic structural design already being present. The ‘fast-track conversion’ is very popular, taking under a year to complete, enabling firms to bring high-priority offshore reserves to production in previously unheard of timescales.


However, FPSOs and FSOs deteriorate more rapidly than fixed platform structures, and their technical complexity require regular maintenance procedures to ensure smooth-running operations. Over 35 FPSOs worldwide are approaching the middle or end of their design life, and the limited numbers of onboard personnel able to perform maintenance operations affects the upkeep of these aging vessels. Cost effective integrity programs are therefore urgently needed in order to increase the functional life of these assets.

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Willard to Supply Patrol Boats for the Philippines

The U.S. Department of State awarded a contract to boatbuilder Willard Marine, Inc., to provide the Philippine National Police Maritime Group with patrol vessels

Comprehensive Winch Outfitting for New Trawlers

Fishing company HB Grandi of Iceland recently awarded Naust Marine a contract for complete winch outfitting of three new 180 ft. fishing trawlers.   The contract,

CMA CGM Launches 18,000 TEU Containership

Container shipping firm CMA CGM Group has taken delivery of its newest colossal containership, the 18,000 TEU, 400-meter-long CMA CGM Bougainville.   Now the

Offshore

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

Offshore Operators Can Simplify Safety Equipment Logistics

Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Ship Sales

Libya Plans to Sell Ex-rebel Tanker

Libya plans to sell a tanker that a former rebel group used in an attempt to bypass the Libyan government and export oil on its own last year, the Tripoli-based state prosecutor said on Thursday.

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

Energy

Libya Plans to Sell Ex-rebel Tanker

Libya plans to sell a tanker that a former rebel group used in an attempt to bypass the Libyan government and export oil on its own last year, the Tripoli-based state prosecutor said on Thursday.

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
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: 0.5319 sec (2 req/sec)