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

Shipbuilding

Yang Ming Extends Charter Terms for Five 14,000-TEU Ships

Seaspan Corporation announced today that Yang Ming Marine Transport Corp., has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER

ESAB Boasts Over a Century of Technological Innovation

September 2014 marks the 110th anniversary of ESAB Welding & Cutting Products. A world leader in welding and cutting technology, with the broadest, most complete

Breakthrough for Very Large Ethane Carriers

Hartmann Schiffahrts Gmbh & Co. KG, Jaccar Holdings, HB Hunte Engineering and DNV GL, signed a letter of intent for the classification of five ECO STAR 85k very large ethane carriers.

Offshore

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

First Havyard WE Design Delivered to Fafnir Offshore

Havyard Ship Technology's build 120 'Polarsyssel', a Havyard 832 L WE design, was delivered to Fafnir Offshore yesterday. It will go straight on assignment for

Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan

Ship Sales

Post-Panamax Ship Delivered to Diana Containerships

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary,

DOT Holdings Takes Half-Interest in New OSV

Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result

DHT Holdings to Acquire Samco Shipholding

DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company

Energy

Brent Oil Hits 26-month Low Under US$97

Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer,

IGCC System for Tokyo Electric Power

A consortium led by Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has received an order from Tokyo Electric Power Company, Incorporated (TEPCO) for design work

Hans Hansen is DNV GL's Area Manager for Scandinavia

In the power sector DNV GL supports the industry in delivering a secure, sustainable, available and affordable energy supply. In his new role Hans Tormod Hansen

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1595 sec (6 req/sec)