Petrofac Terminates Construction Vessel Building Deal with China's ZPMC

Petrofac, an international service provider to the oil and gas industry, announced Friday that issues with China's Shanghai Zhenhua Heavy Industry Co.,Ltd.'s (ZPMC) over its performance in the construction of the proprietary design Petrofac JSD 6000 deepwater multi-purpose offshore vessel has prompted the company to terminate its contract with the Chinese shipyard

"It is regrettable that it has become necessary for us to take this decision, and the Board is now reviewing its options," Ayman Asfari, Group chief executive, said in a press release.

Petrofac placed the order with ZPMC in January 2014 to build Petrofac JSD 6000, a vessel that integrates the J-Lay, S-Lay and derrick functions. The company said then the vessel would provide it with access to high-end turnkey opportunities in the high-growth deepwater and SURF (subsea umbilicals, risers and flowlines) markets, as well as expanding access to shallow-water EPIC (engineering, procurement, installation and commissioning) projects.

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