Sembawang Shipyard Bags FDPSO Conversion Work for Offshore Brazil Ops

Santos Basin, Campos Basin
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Sembawang Shipyard Pte Ltd, a wholly-owned subsidiary of Sembcorp Marine, has secured a S$99 million contract from Dynamic Producer Inc. to convert a 111,567 dwt tanker into a DP Floating, Drilling, Production, Storage and Offloading (FDPSO) vessel, to be named Dynamic Producer. Dynamic Producer Inc. is part of the Petroserv S.A. Company Group, a leading offshore service company based in Brazil.

Sembawang Shipyard's key strengths in project management skills, high Health, Safety, Security and Environment (HSSE) standard, proven Engineering, Procurement and Construction (EPC) expertise and strong organizational capabilities have made the shipyard, the preferred partner of Petroserv S.A. for its first conversion of a DP FDPSO vessel, with drilling capability.

In particular, Sembawang Shipyard is the leading shipyard for DP2 / DP 3 vessels work, having completed the conversion and newbuilding of 5 DP offshore vessels.

Major conversion workscope under the contract included shop engineering based on owner's supplied basic and detailed design, procurement of bulk materials, construction and outfitting of owner's supplied machinery, OFE, systems outfitting and assistance with commissioning. Major fabrication and installation work expected include approximately 4,700 tons of steel (involving moonpool and utility rooms for drilling operations, 4 azimuth thruster rooms) 7,000 pipe spools, cabling work of some 233 km, and installation of owner's supplied drilling equipment. The shipyard will also construct the new accommodation structure which will comfortably house a complement of 106 persons.

When completed, the new DP FDPSO will have a crude oil drilling and storage capacity of 300,000 bbls. The vessel is expected to be delivered to owners in last quarter of 2009. Upon completion, the new DP FDPSO will be operated by Dynamic Producer Inc. on long-term charter to Petrobras at the Espirito Santo, Campos and Santos Basin off the Brazilian Southeast Coast.

Ong Poh Kwee, Managing Director of Sembawang Shipyard, said, "We thank Petroserv S.A. for this important award as it reaffirms Sembawang Shipyard's strong track record in the specialized FPSO conversion sector and market leadership in dynamic positioning offshore vessels. The buoyant offshore market offers exciting opportunities for both the shipyard and owners and we look forward to a long-term collaborative partnership with Petroserv."

Roberto Jessourun, Vice President and Director of Petroserv S.A, said, "Sembawang Shipyard has been selected by Petroserv to be our partner shipyard in this milestone project as the shipyard has clearly demonstrated its strong track record in handling sophisticated FPSO conversion and offshore work, especially vessels equipped with dynamic positioning capabilities. We are confident that the shipyard will deliver a quality FDPSO vessel for our deployment in Brazil."

However, this 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 December 31, 2008.

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