Sembawang Shipyard has been awarded this important contract on the strength of its capabilities and established track record in the highly specialized and sophisticated field of FPSO offshore conversion and modification work. In particular, Sembawang Shipyard is the world's leading shipyard for the conversion of new-built hulls to FPSOs. Its' track record include the Northern Endeavour for Woodside Petroleum in 1999, Sea Eagle for Shell Explorations B.V. in 2002 and Erha FPSO for Saipem S.A in 2005. Currently, Sembawang Shipyard is also converting a new-built mega-FPSO for ConocoPhillips Inc. China.
When completed, Aoka Mizu will have a crude oil storage capacity of 618,990 bbls and production capacities of total liquids of 35,000 blpd or 30,000 bpd of crude oil. Major workscope included detail engineering and shop drawing for structural, piping, electrical and automation work, fabrication and installation of steel structural, including forecastle deck structure, accommodation structure, moonpool structure, poop deck structure, fire and blast wall, escape route, laydown area and flare tower totaling approximately 5,500 to 6,000 tons of steel. The complete accommodation structure will comfortably house a complement of 84 persons.
In the area of electrical and instrumentation works, more than 400 km of cables will be laid and the critical assembly and installation of a new power generation plant module consisting two 10MWe dual fuel gas turbine Generators (GTG), two 5.8 MWe Essential Diesel Generators (EDG) and one 1.2 MWe Emergency Diesel Generator (EMDG).
Subsea major installation works will involve the integration of owners-supplied thrusters, turret, topsides with approximately 320,000 dia-inch of piping to the ship's marine systems and topsides utility systems. Additionally, two 20- ton capacity deck cranes and one aft hose handling crane will also be installed.
The vessel is expected to be re-delivered to owners in fourth quarter 2007. Upon completion, the Aoka Mizu will be operated for Nexen Petroleum U.K. Limited and its co-venture partners, Bow Valley Petrolem UK Limited and Atlantic Petroleum (UK) Limited, at the Ettrick Field located in the Outer Moray Firth about 120 km Northeast of Aberdeen (UK) under an initial term of five years with extension options.
Mr Jesse van de Korput, Vice President Floating Production of Bluewater Energy Services B.V., said of the award, "Sembawang Shipyard is our valued partner in Singapore for FPSO conversion and offshore conversion work and has strongly supported us throughout the tender process to Nexen Petroleum UK Ltd. We are confident that this successful partnership will be a springboard to more challenging projects to come and certainly, we are confident that our collaboration will bring about technology and knowledge transfers to assist both companies to be leaders in our respective fields."
Mr. Ong Poh Kwee, Managing Director of Sembawang Shipyard said "We are very pleased to be chosen by Bluewater Energy Services B.V. for this FPSO conversion. This award marks yet another milestone achievement for Sembawang Shipyard in the highly specialized new-built FPSO conversion market. We thank Bluewater for their trust and confidence in our project management know-how, design, engineering, outfitting and commissioning capabilities. As the shipyard's fifth new-built FPSO conversion contract, we are confident that this successful partnership will further strengthen our leading position in the thriving new-built FPSO conversion and offshore market."
Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2007.
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