FPSO Vessel Revenue to Reach $8.30Bln by 2026
The global floating production storage and offloading (FPSO) vessel market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO vessel market is projected to reach up to US$8.30bn by the end of 2026.Growing demand for alternative sources of oil due to continual depletion of existing oil reserves drives the global FPSO vessel market, said a report by Transparency Market Research Market (TMR).On the basis of geography, Latin America held a large share until 2016.
Southeast Asia Bullish on OFS Market
Offshore project sanctions in Southeast Asia could lift greenfield investments in the oilfield services market by nearly 70 percent in 2020, said Rystad Energy.According to Norwegian energy research firm, the growth will be driven by a handful of new mega-projects across Malaysia, Myanmar and Vietnam, according to the latest tally of project commitments in Southeast Asia by the Norwegian energy research and consulting firm.New final investment decisions (FIDs) in 2021 are expected to sound the starting gun for big contract awards in Vietnam…
Bumi Armada Sells FPSO for $40 Mln
Malaysian oilfield services company Bumi Armada Bhd has found a buyer for its floating production storage and offloading (FPSO) vessel Armada Perdana in Nigerian company Century Energy Services (CESL) for RM167.17 million ($40 million).Kuala Lumpur-based floater player said in a Bursa Malaysia filing that its subsidiary, Armada Oyo Limited (AOL), had entered into an agreement with CES) for the sale of the Armada Perdana.CESL plans to redeploy the vessel to another field in Nigeria, said the statement.CESL has already paid $4.5 million out of a $5.5 million deposit to AOL, with the outstanding amount to be satisfied before the end of the year.Additional vessel expenses incurred from August 1 until the delivery date of the FPSO will be offset against the purchase price.Then…
NOV to Supply STP System
National Oilwell Varco, a provider of equipment and components used in oil and gas drilling and production, announced new contract award for submerged turret production (STP) system.APL, part of NOV's Completion & Production Solutions segment, has been awarded the supply of another large STP system, said a press release from NOV.This follows a recent contract award from Samsung Heavy Industries Co. Ltd. for Reliance Industries' FPSO on the MJ field.This time, the system will be provided to a joint venture between Shapoorji Palloonji Oil and Gas and Bumi Armada Berhad.
Bumi Armada Profit Up 28.5% in Q1
Malaysia's offshore oilfield services firm Bumi Armada announced that its first-quarter net profit jumped 28.5% on-year, mainly thanks to joint ventures, lower cost of sales, and lower distribution costs.Net profit for the January-March period climbed to 62.21 million ringgit ($14.86 million), compared with a 48.42 million in the same quarter a year ago, said a stock exchange announcement.However, its revenue fell by 18.1% to RM491.61mil from RM600.34mil a year ago. The compay…
Global FPSO Market to Hit USD30Bln by 2025.
The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…
Encik Rezza Resigns as ED of Bumi Armada Berhad
Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has announced the resignation of Encik Shaharul Rezza bin Hassan, Executive Director and Head of Offshore Marine Services (OMS) of Bumi Armada Berhad. Encik Rezza will officially relinquish his roles at the Group on the 28 of February 2018. He has requested an early release from the Group to pursue other interests outside the Group. Rezza joined Bumi Armada in September 2005 and prior to his current role as Head of the OMS business, he was the CFO.
Bumi Armada Bags Additional Contract from Lukoil
Bumi Armada Bhd’s wholly-owned unit, Bumi Armada Caspian LLC, has signed a supplementary agreement worth RM576 million (USD 134 million) with Lukoil-Nizhnevolzhskneft LLC (Lukoil) for an additional engineering, procurement, construction and installation (EPCI) scope of work in Russia. Back in December 2013, Bumi Armada had bagged a 10-year, US$262 million contract from Russia’s Lukoil-Nizhnevolzhskneft Ltd. Bumi Armada said the additional scope will involve BAC’s marine spread…
Standard Club Establishes New Offshore Advisory Committee
The Standard Club is driving developments in offshore P&I with the launch of the Standard Club Offshore Advisory Committee (SCOAC). SCOAC aims to analyse offshore trends, assist the club in further understanding and disseminating industry best-practice and develop new strategies to provide a focused direction for the benefit of the club’s offshore membership. The committee consists of leading offshore players including Allseas Group, Bumi Armada, Floatel International, Nortrans Offshore, Saipem, SBM Offshore and Subsea 7 – all members of The Standard Club.
LR to Perform Armada Olombendo FPSO Risk Inspection
Lloyd's Register has won an inspection contract with Bumi Armada Berhad for its Armada Olombendo FPSO. The contract agreement provides Bumi Armada with access to Lloyd’s Register’s risk-based inspection services and technical software which will help to develop quantifiable risk profiles. These profiles will give critical knowledge and insight for Bumi Armada Berhad’s management team on how best to approach short and long term CAPEX/OPEX decisions. The built-in risk inspection strategies used in the contract with Lloyd’s Register also provides a robust template for Bumi Armada Berhad’s baseline inspections and maintenance program while ensuring resources are focused on the high priority items first.
Bumi Armada Berhad Names Its News FPSO
Bumi Armada Berhad, Malaysia-based international offshore energy facilities and services provider celebrated the naming ceremony of the Armada Olombendo Floating Production Storage and Offloading (FPSO) last weekend. Armada Olombendo FPSO represents Bumi Armada’s largest FPSO and it will operate in Angola on Block 15/06, East Hub, a wide area of 2,984 square-kilometer (km2) in the Angolan deep offshore, located approximately 350 km northwest of Luanda and 130 kilometer west of Soyo.
Keppel to deliver third FPSO for Shapoorji Pallonji, Bumi Armada JV
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Madura EPC Limited (Armada Madura), a joint venture between Shapoorji Pallonji Group (Shapoorji Pallonji) and Bumi Armada Berhad (BAB). The spread-moored FPSO unit was named Karapan Armada Sterling III during a naming ceremony held earlier this month at Keppel Shipyard. The FPSO will be deployed to the Madura BD Field in Madura Strait East Java which is operated by Husky-CNOOC Madura Limited (HCML).
Keppel to Deliver First North Sea FPSO
Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Kraken Pte Ltd (Armada Kraken), a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada). The naming ceremony of the FPSO, Armada Kraken, was held at Keppel Shipyard yesterday. Armada Kraken is a harsh-environment FPSO unit that is designed for operations in the North Sea under a stringent regulatory regime.
Bumi Armada Seeks Compensation for FPSO Termination
Malaysia’s Bumi Armada Bhd intends to fully enforce its rights, including initiating legal proceedings against Woodside Energy Julimar Pty Ltd for purportedly terminating its charter contract of the Armada Claire Floating Production Storage and Offloading (FPSO) unit. Bumi Armada Berhad has earlier announced that its wholly-owned subsidiary, Armada Balnaves, has received notice from Woodside Energy Julimar terminating the contract for FPSO Armada Claire, currently operating in the Balnaves Field off north-western Australia.
Keppel Secures $125 mln Repeat Contracts
Keppel Offshore & Marine Ltd (Keppel O&M)'s local and overseas subsidiaries continue to win strong support from repeat customers by securing four contracts worth a total of about S$125 million. In Singapore, Keppel O&M's wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) secured two conversion contracts - the first is for a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU) vessel awarded by Armada Floating Gas Storage Limited, a wholly-owned subsidiary of Bumi Armada Berhad (Bumi Armada)…
Keppel Wins $88.5M in Floating Production Contracts
Keppel Offshore & Marine Ltd (Keppel O&M)'s local and overseas subsidiaries continue to win support from repeat customers by securing four contracts worth a total of about $88.5 million. In Singapore, Keppel O&M's wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) secured two conversion contracts - the first is for a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU) vessel awarded by Armada Floating Gas Storage Limited, a wholly-owned subsidiary of Bumi Armada Berhad (Bumi Armada); the second is for a Floating Production Storage and Offloading (FPSO) vessel awarded by Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad. Work on the LNG FSU conversion for Bumi Armada is scheduled to be completed in 3Q 2016.
MISC-Bumi Armada Merger Soon?
Shipping giant MISC Bhd and oil and gas services provider Bumi Armada Bhd are said to be in merger talk involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies, say local media reports. Petroliam Nasional Bhd (Petronas) owns 62.67% in MISC. As such, investors could be anticipating that Bumi Armada may win Petronas contracts if a deal materialises. If it materialises the consolidation in the FPSO sector will also create a giant in the business.
Mega Maritime: Heavy Lift for FPSOs
When the Dockwise Vanguard was conceived, Dockwise, part of the Boskalis Group, had a vision for a new market - transporting the world’s largest cargoes, including FPSOs (floating production storage and offloading vessels). It hasn’t taken the vessel, the largest heavy transport vessel in the world, long to prove its worth, as well as the feasibility of such a feat. The vessel has currently transported its first ship-shaped FPSO cargo, Bumi Armada’s Armada Intrepid, to South East Asia which also happens to be one of the three largest cargoes ever transported.
Transas T-Bridge Installed on Ice Class Vessels
Transas Marine informs it has installed and commissioned the Transas T-Bridge integrated bridge systems aboard three ice class vessels built by Keppel Singmarine, the specialized shipbuilding subsidiary of Keppel Offshore & Marine. Transas supplied Integrated Bridge Systems including full navigation systems, external and internal communication systems and CCTV. Transas said its T-Bridge is designed to add further safety to navigation, simplify bridge operations and offers a flexible bridge configuration.
Bumi Armada Awaits Triple Delivery
Specialized shipbuilder Keppel Singmarine Pte Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), says it is on track to deliver three ice-class vessels to Bumi Armada Offshore Holdings Ltd, a subsidiary of Bumi Armada Berhad in September. The new vessels, two supply vessels and one multipurpose duty-rescue vessel, were named Bumi Uray, Bumi Pokachi & Bumi Naryan-Mar, respectively, at a ceremony at Keppel Singmarine Thursday. Upon delivery, the vessels will support offshore platforms at the Filanovsky oil field in the northern part of the Caspian Sea…
The FPSO Cost Discussion
At first, the oil-price and project-cancellation forecasts had hushed the audience at FPSO Europe Congress 2015. Speaker No. 1 had delegates looking at each other for signs of fear. Then, rival contractors — veterans of many a bitter tender — piled on the logic of their own methods for cost-cutting in floating production storage and offloading projects. Rather than stamp out competing arguments, a relentless costs discussion had another, unexpected effect. It lifted the gloom and crystallized the opportunity at hand to engineer FPSO demand.
Keppel Shipyard Wins FPSO Conversion Contract
Even as world energy prices continue to maintain low pricing levels, offshore contracts are there to be won. Keppel Offshore & Marine Ltd has secured a Floating Production Storage and Offloading (FPSO) conversion contract as well as three repair, upgrade and modification contracts worth a total of about S$125 million. The FPSO conversion project Keppel Shipyard will be undertaking is for Armada Madura EPC Limited, a joint venture between long-standing customer Bumi Armada Berhad (Bumi Armada) and Shapoorji Pallonji Group (Shapoorji Pallonji).
Floater Orders 2014
The overall number of orders is similar to the average ordering pace over the past 10 years, during which an average of roughly 25 production and storage floaters were ordered annually. But the ordering pace by type unit is quite different. FPSO orders in 2014 were 25% below the 13.5 average ordering pace over the past ten years – and in 2014 no orders were placed for Spars, TLPs or Production Semis, which between 2004 and 2013 averaged 3.5 orders per year. Offsetting these declines were gains in orders for FLNGs and FSRUs.