Aker Floating Production Hires Jurong Shipyard for FPSO Work

Aker Floating Production recently acquired three tankers to be converted into FPSOs (floating production, storage and offloading units).

Following the contract with Aker Yards Brevik on June 2, 2006 for the provision of marine and interface engineering as well as conversion supervision of the first and second tanker into Aker Smart FPSOs, Aker Floating Production has now concluded an agreement with Jurong Shipyard for the repair, upgrade and conversion work for the first two Aker Smart FPSO based on the sister vessels, currently named; TT Polar Alaska and TT Polar California.

Jurong Shipyard in Singapore will tentatively commence work on the TT Polar Alaska in December 2007 with expected completion September 2007 and TT Polar California in July 2007 with expected completion in March 2008.

Jurong Shipyard is a well known and reputable ship yard in Singapore with wide experience in converting tankers into FPSOs.

Aker Floating Production plans to build, own and operate a fleet of minimum four Smart FPSOs targeted at mid sized and smaller oil companies through the conversion of existing tankers based on a flexible modular design. Aker Smart FPSO Technology is expected to generally meet the requirements of the high growth benign shallow to deepwater areas.

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