Sembcorp Marine Bags MODEC's FSO Construction Contract for Culzean Field

Sembcorp Marine Ltd. (SCM) reported Wednesday that its wholly owned subsidiary Sembcorp Marine Rigs and Floaters Pte Ltd. has secured a contract to design and build a new floating, storage and offloading (FSO) vessel for MODEC Offshore Production Systems (Singapore) Pte. Ltd. (MOPS), a subsidiary of MODEC, Inc. (MODEC).

Scheduled for delivery in 1Q 2018, the FSO unit will be SCM’s first FSO newbuilding secured on a full turnkey project basis including Engineering, Procurement, Construction and Commissioning (EPCC). MODEC will supply the internal turret and topside modules (vapor recovery unit and metering skid) which SCM will install and integrate.

Sateesh Dev, president of MOPS, said: “We have been long-time partners with SCM for our conversion projects and we have seen SCM’s strong track record in delivering quality vessels and rigs. As such, we are pleased to continue our partnership with SCM for this new build FSO meant for operation in the U.K. sector of the North Sea.”

William Gu Wei Guang, head of Sembcorp Marine Rigs & Floaters, said: “This is our 24th project working with MODEC and the first new build FSO for SCM Rigs & Floaters. The FSO will be built using our facilities at Tuas Boulevard Yard. We thank MODEC for placing their confidence and trust in us.”

When completed, the FSO will be deployed at Maersk Oil’s Culzean field, the largest new oil and gas field to have been discovered in the North Sea for a decade, and recently approved by the UK Oil & Gas Authority for development.

The 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 Dec. 31, 2015.

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