Fpso News

06 Mar 2019

FPSO Market to Reach $66Bln by 2026

Pic: MODEC, Inc.

The global floating production storage and offloading (FPSO) market was valued at around US$ 25 Bn in 2017 and is anticipated to expand at a CAGR of around 12% from 2018 to 2026, said a new report.Based on type, the global FPSO market can be divided into converted, new-build, and redeployed, said a new report by Transparency Market Research (TMR) on FPSO market.In terms of value, the converted segment dominated the global FPSO market in 2017. Low capital requirement and faster…

01 Mar 2019

Yinson, First E&P in $902 Mln FPSO Deal

Image: Yinson Holdings Berhad

Malaysia’s floating production storage and offloading (FPSO) operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.The contracts worth $901.79 million were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised…

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

Pic: Saipem

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…

19 Feb 2019

2021 to See 33 More FPSOs

Graph: Rystad Energy

A total of 33 floating production, storage and offloading (FPSO) vessels will be sanctioned between now and 2021 as oil and gas activity picks up in the offshore sector.Norwegian oil and gas intelligence firm Rystad Energy reports that 15 of the FPSOs will require production capacity of more than 80,000 barrels per day.Rystad said that the high capacity demand would come mainly from the developments in Guyana and Brazil where operators such as ExxonMobil, Equinor, and Petrobras…

22 Feb 2019

Australia Leads FPSO Deployment in AsiaPac

FPSO. Pic: Modec

A total of 67 floating production, storage and offloading (FPSOs) vessels are expected to start operations globally by 2025, with Australia leading the Asia-Pacific region.Globally, 67 planned and announced FPSOs are expected to start operations between 2019 and 2025, revealed the report 'Q1 2019 Global FPSO Industry' by GlobalData.Of these, 26 are planned and 41 are announced and of these Australia will account for all FPSOs planned for deployment in Oceania during 2019-2025.In Oceania…

13 Feb 2019

Video: FPSO Travels from China to Brazil

(Photo: Boskalis)

Dutch firm Boskalis transported the 90,000-ton FPSO P-67 from Qingdao, China to Rio de Janeiro, Brazil, aboard the semi-submersible heavy transport vessel BOKA Vanguard.FPSO P-67 was built by China’s Offshore Oil Engineering Company (COOEC), and delivered to Brazil's Petrobras in 2018.The FPSO recently began producing in the deepwater Lula Norte area, in the pre-salt of Santos Basin offshore Brazil.

08 Jan 2019

SeaRose FPSO Production Remains On Hold

SeaRose FPSO. Image: Husky Energy

Oil production continues to be suspended at the SeaRose FPSO, about 350 kilometers east of St. John’s for the last 50 days. There’s no information on when production will resume.Production was suspended and shutdown began on November 16 after two spills -  an estimated 250,000-liter spill - following a storm.Efforts were underway to resume production after the storm when a failed flowline connector near the South White Rose Extension drill center caused oil to be spilled into the environment.According to a notification from Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB)…

12 Feb 2019

ALE Completes FPSO Works in Singapore

Pic: ALE

Transportation and lifting services company ALE Heavylift has completed the transportation, lifting and installation of eight modules, weighing up to 1,820 tonnes, for an Floating Production Storage and Offloading (FPSO) construction project in Singapore.ALE was tasked with transporting, lifting and installing eight modules, weighing up to 1,820t, onto an FPSO for the Liza Destiny FPSO project, said a press release from the UK-based company specialising in heavy transport and lifting…

14 Jan 2019

Bahri CEO Appointed to Board of ITOPF

Abdullah Aldubaikhi represents the Middle East and North Africa region in the Board of the non-for-profit organization committed to promoting effective spill response globally. Photo:  Bahri

Saudi Arabian shipping company Bahri said that its CEO Abdullah Aldubaikhi has been appointed to the board of directors of ITOPF, the world’s largest ship owner organization providing objective advice on effective response to spills of oil, chemicals and other substances in the marine environment.With the organization’s Board including 23 CEOs of major global tanker owners and operators, ITOPF’s efforts are aimed at improving the preparedness and response to spills of cargo and/or fuel from ships around the world.Effective November 8…

16 Jan 2019

Euronav Sells Felicity for FPSO Conversion

Image: Euronav

Belgium's crude oil tanker company Euronav NV announced that it has sold the Suezmax vessel Felicity (2009 – 157,667 dwt) to a global supplier and operator of offshore floating platforms.The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet.The buyer's name and financial terms are not disclosed. However, the NYSE-listed company revealed that a capital loss on the sale of approximately USD 3.0 million will be recorded in Q4 2018.The cash generated on this transaction after repayment of debt will be USD 21.1 million…

27 Jan 2019

Senegal Awards LNG, Oil Advisory Job to Doris Engineering

Image: Doris Group

French engineering services provider Doris Engineering has been awarded an advisor contract by the Senegalese ministry of petroleum and energies for the development of oil & gas projects offshore Senegal.This two-year mission consists in reviewing the optimization and the robustness of the field development performed on these projects to be in line with the Ministry expectations. It focuses on two projects: Grand Tortue Ahmeyim, operated by BP, and the SNE project, operated by Woodside.Grand Tortue Ahmeyim is located at the border between Senegal and Mauritania and lies in ultradeep-water.

29 Jan 2019

Roxtec Provides Safety Services for Petrobras FPSO

(Photo: Roxtec)

Multinational petroleum corporation Petrobras turned to cable and pipe seals specialist Roxtec for verification of the cable and pipe transits on board the P-68 floating production, storage and offloading vessel (FPSO) in a Brazil shipyard before final approval from the classification society.Petrobras also asked the cable and pipe transit specialist to educate engineers and installers of Petrobras and the Jurong Shipyard on how Roxtec seals work.A Roxtec team consisting of sealing experts and inspectors from Sweden…

03 Feb 2019

Husky Restarts White Rose

West White Rose Project. Pic: Husky Energy

Husky Energy said that it has received approval for the limited restart of oil and gas production from White Rose field offshore Newfoundland and Labrador.SeaRose FPSO project was shut down after a spill of about 250,000 litres after a heavy wind storm a couple of months ago.“We have worked with our certifying authority to satisfy ourselves the SeaRose FPSO and associated equipment is ready to safely operate the Central Drill Centre (CDC). The operations at the CDC will be restarted in a phased approach…

04 Feb 2019

Equinor Gets Extension for Norne FPSO

The Norne FPSO in the Norwegian Sea. Image: Equinor (Photo: Anne-Mette Fjærli)

The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea.Lifetime extension granted for FPSO is for four years to March 2026, as the operator eyes additional 132m barrels from Norwegian Sea field.In its application for extension, operator Equinor has described an improved drainage strategy for the Norne field and the nearby Urd and Skuld fields.The Norne, Urd, Skuld, Alve and Marulk fields are tied in to the Norne ship.

02 Jan 2019

Keppel Wins New Marine Contracts

Image: Keppel Offshore & Marine

Singaporean conglomerate  Keppel Offshore & Marine said that it has secured new marine contracts with a combined value of S$300 million (USD 220 mln) through its subsidiaries. According to a press release from the company, the first contract is by Keppel Singmarine with Shturman Koshelev LLC for the design and construction of an ice-class LNG bunker vessel. When completed in 4Q 2020, the vessel will be chartered to Gazpromneft Marine Bunker Ltd (Gazpromneft) for operations in the Baltic Sea.

11 Dec 2018

Water Backed Welding & Fixing FPSOs

Photo: Marine Technical Limits (MTL)

Although MTL has a robust oil and gas heritage, with formidable experience in the global energy marketplace, it also invests heavily in R&D and undertake rigorous testing and research from its base in Kintore, Aberdeenshire. MTL recognizes the importance of progression and continual improvement for the benefit of the organisation and its staff. As a young engineer I’ve been afforded the opportunity to see new ways of working develop from the spark of a good idea through rigorous testing and finally to its successful deployment in the field.

12 Dec 2018

Husky Energy ‘Deeply Sorry’ for Oil Spill off Newfoundland

Sea Rose FPSO. Photo: Husky Energy

Canadian petroleum company Husky Energy submitted a preliminary report about the largest-ever oil spill in Newfoundland and Labrador and said it is “deeply sorry” for the incident.According to local media reports, the oil and gas company admitted that on November 16, there were two separate oil spills at the Sea Rose FPSO.“The initial release occurred during the approximately 20 minutes offshore teams were troubleshooting a drop in flowline pressure,” Husky said on its website.The spill happened when a flowline connector failed…

02 Jan 2019

Energean Signs New Gas Sales Deal for Karish and Tanin FPSO

Karish and Tanin Floating Production Storage and Offloading unit. Pic: Energean Oil & Gas

UK-based oil and gas exploration and production company Energean Oil & Gas  has signed a Gas Sales and Purchase Agreement (GSPA) with I.P.M. Beer Tuvia Ltd. (IPM) to supply an estimated 5.5 BCM of gas from its Karish and Tanin FPSO over a period of 19 years.According to a release, the contract is subject to necessary approvals and is contingent on results of the 2019 drilling programme, which includes the drilling of four wells in Israel and commences with the spud of Karish North in March 2019…

19 Dec 2018

Ocean Installer Clinches Johan Castberg Deal

Image: Equinor

Norwegian subsea contractor Ocean Installer and Norwegian multinational energy company Equinor ASA have signed a contract that covers the floating production storage and offloading unit (FPSO) mooring installation, tow out and hook-up of the Johan Castberg FPSO in the Barents Sea.Johan Castberg is one of the largest subsea field developments on the Norwegian continental shelf. The project includes Skrugard, Havis and Drivis, which lies about 240 kilometers from Hammerfest and about 100 kilometers north of Snøhvit.The water depth is between 360 and 405 meters.

19 Dec 2018

SHI Delivers Johan Sverdrup Offshore Platform On Schedule

Johan Sverdrup offshore platform leaving SHI Geoje shipyard. Photo: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) has successfully completed the processing platform (P1) for Johan Sverdrup Field development and delivered it to Equinor according to the scheduled delivery date stated in the original contract.SHI has secured Contract worth 650 billion won ($ 5.84m) from a Norwegian energy company Equinor in 2015 to build the large oil production platform, measuring 136m long, 69m wide and 72m high, and weighing 28,100 tonnes.Reflecting…

19 Dec 2018

DOF Scores North Sea Hat-trick

Image: DOF Subsea

Norwegian subsea operating company DOF Subsea has been awarded three new contracts in the North Sea.The first of these contracts will see DOF Subsea undertake a workscope in the Norwegian North Sea involving subsea construction support and pre-commissioning operations from the Geosund during December 2018.In addition, the company has been awarded a contract for the initial phase of a decommissioning programme in the central North Sea for a U.K. operator, said a press release from…

21 Dec 2018

Aker Solutions Wins Jotun FEED Contract

Jotun. Photo: Vår Energi AS

The newly formed exploration and production (E&P) company Vår Energi is progressing the redevelopment of the Balder and Ringhorne area offshore Norway and a FEED contract for the Jotun FPSO life extension has now been signed with Aker Solutions.In total, about 20 billion NOK ($2.3 billion) will be invested in the redevelopment of the area, which includes the first NCS license area, PL 001 from 1965, said the largest independent E&P company on the Norwegian continental shelf (NCS).Part of the redevelopment, is the Balder X Project.

26 Dec 2018

Keppel Wins Marine Contracts Worth $219M

• Design and Build an ice-class LNG Bunker Vessel• Modification and upgrade of an FPSO• 65 Scrubber Retrofit Projects Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly-owned subsidiaries, Keppel Singmarine Pte Ltd (Keppel Singmarine) and Keppel Shipyard Ltd (Keppel Shipyard), clinched contracts worth a combined value of about $219 million for the design and construction of an ice-class LNG bunker vessel, refurbishment of a Floating Production Storage and Offloading vessel (FPSO), and 65 scrubber retrofit projects.

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