FSTP Concludes Construction of P-51 Platform Hull

The FSTP shipbuilding consortium in Brazil, which is building the P-51 semi-submersible platform for federal energy company Petrobras (NYSE: PBR), has finished construction of the main part of the hull.

As a result, the consortium is ready to start joining the newly built portion with parts of the platform, Petrobras said in a statement.

Further, workers must connect the work to other blocks and the supporting columns in an effort that could wrap up in the second half of 2007, the statement said. The hull was launched on November 25.

P-51's commercial operations could start in 2008, local press previously reported.

The hull was built at FSTP's Brasfels shipyard in Angra dos Reis in Rio de Janeiro state. Complementary blocks were built in the town of Niteroi, also in Rio de Janeiro.

This is first time the hull of a production platform has been completely built in a shipyard in Brazil, Petrobras said. The whole budget for the platform is US$826mn.

The FSTP group is made up of Singapore ship maker Keppel (NYSE: TKP), Brazilian engineering firm Pem Setal and French engineering company Technip. The UK's Rolls-Royce will supply the power generation module and Italy's Nuovo Pignone the compression module.

The P-51 will have capacity to produce 180,000b/d of oil and compress 6Mm3/d natural gas.

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