Floatec Llc News

FloaTEC Singapore Pte Ltd (FloaTEC Singapore), an equal joint venture between Keppel FELS Ltd (Keppel FELS) and J. Ray McDermott (J. Ray), has signed a contract worth about $1b with the Papa-Terra Joint Venture, consisting of Petrobras and Chevron, to build and operate the P-61 Tension Leg Wellhead Platform (TLWP). This follows shortly after a Letter of Intention for the unit was issued by the Papa-Terra Joint Venture to FloaTEC Singapore in October 2009. The project scope — comprising design…

J. Ray McDermott will undertake fabrication and installation work for the P-61 Tension Leg Wellhead Platform (TLWP) in more than 3,871 feet of water, for the Papa Terra Joint Venture, consisting of Petrobras (operator) and Chevron. The overall P-61 project — comprising design, engineering, construction, transportation, installation, and a three-year limited operations contract — was awarded to FloaTEC Singapore Pte Ltd (FloaTEC Singapore), a joint venture between Keppel FELS Ltd (Keppel FELS) and J. Ray. Almost all the work will be carried out through the combined resources of Keppel FELS, J. Ray and FloaTEC LLC (FloaTEC), the US-based joint venture company that will perform global engineering and basic design work.

J. Ray McDermott, S.A. and Keppel FELS Limited. are in the process of forming a new joint venture company, to be named FloaTEC, LLC, to provide deepwater and ultra deepwater oil and gas development solutions. To add to the Joint Venture’s offerings, J Ray and Keppel FELS plan to draw upon the purchased patent rights previously owned by ABB for the Extended Tension Leg Platform (ETLP) and Single Column Floater (SCF) designs. Combined with J Ray’s existing SPAR technology and Keppel FELS’ semi-submersible expertise, FloaTEC, LLC will be in a unique position to provide a wide range of solutions for deepwater developments. “We believe that the timing could not be better for this cooperation with our colleagues at Keppel FELS and the establishment of this exciting joint venture…