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

Shipbuilding

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

New Research Vessel Delivered on the Great Lakes

The new oceanographic research and fisheries assessment vessel, Arcticus, completed her sea trials and was delivered to the U.S. Geological Survey's Great Lakes Science Center on October 17.

US Navy Christens Future USS Detroit

The U.S. Navy christened the future USS Detroit (LCS 7), the fourth Littoral Combat Ship of the Freedom variant, in a ceremony at Marinette Marine Shipyard in Marinette, Wisconsin, Oct.

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Energy

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Russian Minister to Intervene with Gazprom on Slovakia Gas Flow

Russia's Energy Minister Alexander Novak will intervene with Gazprom to raise reduced gas shipments to Slovakia to contracted levels, Slovakia's economy ministry

Total Names Refining Boss to Replace de Margerie

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week.

 
 
Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.1598 sec (6 req/sec)