Singapore's Keppel Corporation announced Tuesday that wholly-owned subsidiaries of its unit Keppel Offshore & Marine Ltd. -- Keppel Shipyard Ltd. and Keppel Singmarine Pte Ltd.-- have secured contracts worth a total of $294.32 million (SGD 368 million).
Keppel Shipyard bagged a contract to convert a floating production storage and offloading (FPSO) vessel for Armada Kraken Pte Ltd (Armada Kraken), a wholly owned subsidiary of Malaysia's Bumi Armada Berhad. The new FPSO will be a harsh-environment unit designed for operations in the North Sea under a stringent regulatory regime.
Conversion work has commenced and the FPSO is scheduled for delivery in 3Q 2015. When completed, the FPSO will be capable of producing the heavy-oil (API degree 14) in the Kraken field in the UK sector of the North Sea, over a period of 25 years.
The FPSO, which has a storage capacity of 600,000 barrels, will have a peak fluid rate of 460,000 barrels per day (bpd) and 80,000 barrels of oil per day (bopd), 275,000 bpd of water injection, 20 million standard cubic feet (MMscf) of gas handling and has a storage capacity of 600,000 barrels.
The work scope for this FPSO project includes refurbishment and life extension works, upgrading of living quarters to accommodate 90 personnel, installation of an internal turret mooring system as well as the installation and integration of topside process modules.
"We are pleased to be entrusted once again by our longstanding customer Bumi Armada to be part of their significant FPSO Armada Kraken project ... We are seeing an increasing demand for more sophisticated FPSOs which can operate in harsher environments, more challenging and deeper oil and gas fields," Michael Chia, Keppel O&M's managing director (Marine & Technology) said in a press release.
Separately, Keppel Singmarine clinched a deal from Baku Shipyard LLC to design, fabricate and outfit a subsea construction vessel (SCV) which, upon completion, will be deployed for the Stage 2 development of the Shah Deniz field located some 43.4 miles (70 kilometers) offshore in the Azerbaijan sector of the Caspian Sea.
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