Catcher FPSO to Add about $200 mln in EBITDA/year
BW Offshore CEO Carl Arnet in FPSO (floating production, storage and offloading) firm BW Offshore Ltd says the Catcher field project in the British North Sea will add about $200 mln in annual EBITDA to its results when it comes on stream in December 2017. ** BW is also developing Dussafu field in Gabon.
BW Group's 1H Performance Better than Expected
Moody's Investors Service says that operating results of BW Group (Ba2 negative) in 1H 2012 were better than expected, largely because of the higher charter rates achieved by the company for its vessels. "We had expected BW Group's performance to weaken, as many of its vessels were coming off profitable time-charters in 1H and it was increasingly exposed to deteriorating spot-market rates. However, spot rates, especially in the gas carrier segments, either held up or improved," says Vikas Halan, a Moody's Vice President and Senior Analyst. The average time charter equivalent or TCE income per day for BW Group's very large gas carriers and large gas carriers rose over 40% from a year ago. The average TCE for very large crude carriers grew about 5%.
Keppel to deliver the first FPSO for Brazil’s OSX
Keppel Shipyard Ltd (Keppel Shipyard) is on track to complete the modification and upgrading works on FPSO OSX-1, the first floating production storage and offloading (FPSO) unit for OSX Brasil S.A. (OSX). Chartered to OGX Petroleo e Gas Participacoes S.A. (OGX), FPSO OSX-1 will be deployed in the Waimea field, in Campos Basin, offshore Brazil. This project will deliver OGX's first oil, just four years after the company was founded. Production is expected to commence in the last quarter of this year. Lady Sponsor Cristina Pinto named the vessel today in the presence of Mr Joao Ziccardi Navajas, Minister Counsellor at the Embassy of Brazil in Singapore, and Mr Reinaldo Belotti, Production Director of OGX.