Fpso News

20 Nov 2019

Boskalis Wins Contracts for $120Mln

Pic: Royal Boskalis Westminster N.V.

Royal Boskalis Westminster N.V. has secured multiple heavy marine transport services contracts with a combined value of about $120 million.The execution of the majority of projects is scheduled to take place in 2021 and 2022.Following last year’s transportation of a sizable box-shaped FPSO, Boskalis secured a contract to transport a similar FPSO from China to Brazil.With a weight exceeding 91,000 tons this marks another record-breaking transport for the BOKA Vanguard, which is…

20 Nov 2019

Albwardy Damen in Pact with Heila Cranes

Image: Damen Group

UAE-based Albwardy Damen has signed a service agreement with the provider of heavy-duty marine cranes Heila Cranes. Many of the vessels that Damen builds and maintains are fitted with cranes manufactured by the Italian company.The Dutch shipbuilding group said in a press release that the new service agreement between the two companies will enable Albwardy Damen to ensure that the Heila cranes on board its customers’ vessels operating in the region are guaranteed top quality, through…

19 Nov 2019

Shipbreaking NGO Wins FPSO Case

The North Sea Producer beached in Chattogram – © NGO Shipbreaking Platform

The High Court Division of the Supreme Court of Bangladesh declared the import, beaching and breaking of the infamous FPSO North Sea Producer illegal.The judgment was issued in a Public Interest Litigation (PIL) filed by NGO Shipbreaking Platform member organization Bangladesh Environmental Lawyers Association (BELA).The Court further noted with dismay the incessant violations of national and international laws by the shipbreaking industry, and passed several directions upon the government to regulate the sector in line with earlier rulings.Already in August 2017…

18 Nov 2019

BW Offshore Completes Bond Issue

Image: BW Offshore

BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023.The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled for 4 December 2019.The existing NOK bonds have either been repurchased as part of the offering or will be called with settlement mid-January 2020.In combination with the USD 297.4 million convertible bond issue announced on 5 November 2019…

13 Nov 2019

Japanese Firms in Brazilian FPSO Gig

Image: MODEC

Japanese companies have decided to proceed with the deepwater floating production, storage, and offloading system (FPSO) charter project for the Petrobras-operated Búzios pre-salt oil field located offshore Brazil.MODEC, Mitsui & Co., Mitsui O.S.K. Lines (MOL), and Marubeni Corporation have agreed that Mitsui, MOL, and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing  FPSO for use on the Búzios field off the coast of Brazil.Based on these agreements, Mitsui, MOL and Marubeni will invest in Buzios5 MV32 B.V.

12 Nov 2019

Southeast Asia Bullish on OFS Market

Graph: Rystad Energy

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…

10 Nov 2019

SHI Losses Widen

Pic:  Samsung Heavy Industries

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia.

24 Oct 2019

Brazil to Lead in Global FPSO Deployments

Graphs: GlobalData

Brazil continues to drive global floating production storage and offloading vessels (FPSOs) deployment with 21 planned and announced FPSOs during the period 2019 to 2025, according to GlobalData.Brazil is expected to deploy a total of 11 planned and ten announced FPSOs by 2025. The crude oil production capacity of these upcoming FPSOs is expected to be 2.5 million barrels per day (mmbd) during the outlook period. In Brazil, FPSOs are being deployed to develop hydrocarbons in the Santos and Campos basins.Brazilian state-controlled oil…

17 Oct 2019

DNV GL Awards HHI AIPs for New FPSOs

The AiP presentation at HHI (left to right): SH Shin, Key Account Manager, DNV GL - Maritime, JS Park, COO, HHI, Vidar Dolonen, Regional Manager, DNV GL - Maritime, SM Lim, Senior Vice President, HHI (image courtesy of HHI). Photo: DNV GL

South Korean shipbuilder Hyundai Heavy Industries (HHI) has obtained DNV GL's approval in principle (AiP) certificates for three models of its “Standard FPSO” design.Vidar Dolonen, Regional Manager of Korea and Japan at DNV GL – Maritime, presented the AiPs to Jun Sung Park, COO of the offshore plant business at HHI.The standard FPSOs are the topside and hull integrated models developed by HHI. The FPSOs include two mid-sized oil FPSOs, with a storage capacity ranging from 1.0MMbbls and 1.5MMbbls…

13 Oct 2019

Teekay Extends Hummingbird Spirit FPSO

Pic: Teekay Corporation

Teekay Corporation, a provider of crude oil and gas marine transportation services, has entered into an agreement with the Chestnut Joint Venture to extend the employment of the Hummingbird Spirit FPSO unit (Hummingbird) on the Chestnut field in the North Sea until March 2023.Chestnut is  a joint venture between Spirit Energy Ltd. and Dana Petroleum Ltd.The contract extension was done in conjunction with the Chestnut Joint Venture’s plan to drill a new well at the Chestnut field.The new Hummingbird contract took effect on October 1…

08 Oct 2019

SHI to Build Six Giant Box Ships for Evergreen

Pic: Samsung Heavy Industries

South Korean  shipbuilding giant Samsung Heavy Industries (SHI) has signed shipbuilding deals for Taiwanese shipping line Evergreen’s latest ultra-large containerships, valued at a total of USD 920 million.SHI said that  the order was placed for the construction of six of the world’s largest container ships, world’s largest smart, Eco-friendly mega-ships, with a capacity of 23,000 TEUs, by May 2022. SHI said these newbuildings will be 400 m long, 61.5 m wide, 33.2 m high. Size-wise…

04 Oct 2019

Energean FPSO Hull Floated Out

Image: Energean Power

The hull of Energean Oil and Gas’ Energean Power FPSO has been undocked and floated out from the COSCO Shipyards’ dock in Zhoushan, China, about 10 months after first steel cut. Once completed, the FPSO will be deployed at Energean’s Karish and Tanin fields offshore Israel, the international oil and gas exploration and production company said.According to Energean, the build was completed ahead of schedule and with no loss time incidents in about 3 million working man hours. TechnipFMC…

30 Sep 2019

Yinson Wins Extension for Vietnam FPSO

FPSO PTSC Lam Son. Image: Yinson

The floating, production, storage and offloading (FPSO) service provider in Malaysia, Yinson Holdings Bhd has been awarded a contract extension for its Lam Son FPSO for operations on the Lam Son field, located offshore Vietnam."On 30 September 2019, PTSC AP has entered into a fourth addendum to the BBC Interim Contract with PTSC to further extend the tenure of the BBC Interim Contract for a period of one  month commencing from 1 October 2019 to 31 October 2019," said a stock exchange anouncement from Yinson.The value of the fourth addendum is estimated to be USD1.54, it said.

30 Sep 2019

TMC to Equip Liza Unity FPSO

(Image: SBM Offshore)

Oslo-headquartered TMC Compressors of the Seas said on Monday it has been awarded a contract from Chinese shipyard Shanghai Waigaoqiao Shipbuilding to supply the marine compressed air system to the Liza Unity floating production, storage and offloading unit (FPSO).Under the contract, TMC will provide a large compressed air system consisting of frequency-controlled instrument air compressors, air compressors, and associated air dryers and filters, it said. The company did not reveal the value of the contract.Once completed…

10 Sep 2019

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…

05 Sep 2019

NGO Pushes for Green Recycling in North Sea

Pic: NGO Shipbreaking Platform

With the oil and gas sector seeing a downturn since 2014, the Platform has documented an increasing number of offshore units sold for scrap.While the recycling of fixed installations occurs under strict regulations, there are serious concerns regarding the recycling of floating structures, which classify as vessels.Around 200 floating structures have been identified as scrapped globally since 2015 – an estimated 40% of these assets ended up on South Asian beaches, where they were…

05 Sep 2019

Polymer Pioneer Wins Sperry Award

Thomson onboard the Canadian Coast Guard Ship Hudson with SeaThigor mechanical face seal installed.

 (Photo: Thordon Bearings)

Thordon Bearings’ founder and polymer materials pioneer George A. (Sandy) Thomson has been awarded the global transportation sector’s most distinguished accolade, the Elmer A. Sperry Award 2019 for “Advancing the Art of Transportation”.Thomson joins a long list of Sperry Award recipients, which was established in 1955, including Donald Douglas, Ferdinand Porsche, Sir Geoffrey De Havilland, Christopher Cockerell, Leonard Hobbs, Perry Pratt, Josef Becker and Malcom McLean.“I am deeply honored and humbled to win this award…

04 Sep 2019

NOV to Supply STP System

Image: NOV

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.

29 Aug 2019

KNOT Signs Charter Contract with Total

Image:  Knutsen NYK Offshore Tankers (KNOT)

Knutsen NYK Offshore Tankers AS (KNOT), a NYK Group company, has concluded a time-charter contract for a maximum 15-year period starting from 2021 for a shuttle tanker with French oil and gas giant Total for its Brazilian activities.The contract aims to use a 152,000 DWT Suezmax tanker equipped with a dynamic-positioning system built in China by COSCO (Zhoushan) Shipyard Co., Ltd. to shuttle crude oil produced in waters off Brazil.Knutsen NYK Offshore Tankers AS (KNOT) is a joint venture company between NYK (which  has a 50 percent share) and TS Shipping Invest AS (TSSI)…

27 Aug 2019

FLNG Project Count Hits 20

(Photo:Shell)

Finance — or at least project economics based on long-term commodity prices — appear to be factors limiting a surge in investments in floating liquefied natural gas (FLNG) a new study by U.S.-based numbers cruncher, World Energy Reports, revealed Monday.Among a growing count of floating producers in the planning stage, some are destined to become FLNG, increasingly the go-to solution discussed for producing stranded or remote gas. WER’s report writers detail the status of known…

20 Aug 2019

SHI to Build 10-LNG-fuelled Tankers

File Image: Samsung Heavy Industries Co

South Korean shipbuilder Samsung Heavy Industries (SHI) is to build 10 LNG-powered crude tanker vessels.The order was placed by an unnamed "Oceanian" customer. The contract for the vessels was valued at KRW 751.3 billion (US$621 million), which is around $62 million per vessel.Samsung Heavy said in a statement that  it will deliver the 113,000 dwt LNG-fueled tankers by January 2022.SHI has achieved 54% of its annual target of USD 7.8 billion by obtaining orders for 29 vessels…

16 Aug 2019

MODEC Raises $1bln Bond for FPSO Project

PSO Cidade de Mangaratiba MV24. Image: MODEC

Japanese FPSO provider MODEC has decided to issue project bonds to international investors to refinance a floating production, storage and offloading  (FPSO) vessel chartered to the TUPI consortium.TUPI consortium is led by Petrobras with the aim of strategically diversifying its financing sources for MODEC’s entire FPSO charter business.MODEC, a unit of Mitsui E&S Holdings that builds floating oil-drilling platforms, said that project bonds are issued against future revenue from…

07 Aug 2019

Euronav Sells VLCC for FPSO Conversion

Image courtesy: Euronav

Belgium-based crude oil tanker company Euronav NV has sold its oldest very large crude carrier (VLCC) for conversion into a floating production storage and offloading (FPSO) vessel.The ship owner announced that its subsidiary Euronav Luxembourg has sold the VLCC vessel VK Eddie (2005 – 305,261 dwt) to a global supplier and operator of offshore floating platforms.A capital gain on the sale of approximately USD 14.4 million will be recorded during the current quarter, it said.The…

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