SBM Offshore Awarded Fram FPSO from Shell
SBM Offshore has received a letter of interim award (LOIA) from Shell for the supply, lease and operation of a FPSO for the Fram field in the UK sector of the North Sea. The LOIA allows SBM Offshore to commence engineering and procurement of long lead items to ensure timely completion of the planned Fram FPSO project, which is subject to a Final Investment Decision.
In March 2012, Shell and SBM Offshore signed an Enterprise Framework Agreement (EFA) covering a term of five years, with an option to extend for another five years, to supply small and medium sized FPSOs globally on a lease and operate basis. The Fram FPSO, subject to a Final Investment Decision, will be the first project to be developed under the terms of the EFA.
The hull of the FPSO will be based on a converted Aframax tanker and will incorporate an internal turret permanent mooring system. The crude will be offloaded to shuttle tankers and the gas exported via the existing Fulmar pipeline.
Bruno Chabas CEO of SBM Offshore said: "We are delighted by the letter of interim award for this FPSO lease and operate project in the North Sea for Shell. This award reaffirms our strategy to focus on FPSOs as we develop SBM Offshore's position as the world's leading FPSO provider. The agreement signed earlier in the year is a commitment to work with Shell on a long term basis to develop offshore floating solutions. We look forward to developing many more FPSO projects with Shell around the world in the future".
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea