MODEC Awards Jurong FPSO Conversion for Angola's Block 31 PSVM Fields
Jurong Shipyard has secured an approximately S$200 million (around US $132.75 million) contract to convert the Very Large Crude Carrier (VLCC) tanker, the MV "PSVM" (ex Bourgogne), to a Floating Production Storage and Offloading (FPSO) vessel for MODEC.
This conversion contract involves the installation of an external turret mooring system and process facilities, which include gas turbine generators, oil separation, gas injection/gas lift and water injection system. Planned delivery to MODEC is 1Q 2011.
The FPSO is designed to operate for 20 years without dry-docking, and it will have a production capacity of 150,000 barrels of oil per day and a storage capacity of 1,600,000 barrels of oil.
The FPSO will be delivered to BP for deployment in the Plutao, Saturno, Venus and Marte ("PSVM") Fields in Block 31 offshore Angola, located in water depths of between 1,500 and 2,500m.
This conversion 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.
Operates 28 Offshore Rigs
- BP Midstream Partners Seeks To Raise Up To $893MM In IPO (Oct 16)
- BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
- Increasing the World's Oil Reserves with Digitization (Oct 09)
Company: Sembcorp Marine more info
- Rig Builder Sembcorp Marine 2Q Net Profit Falls 51% (Jul 27)
- Asia Oil, Gas Layoffs Mount as Industry Recovery Stays Elusive (Sep 08)
- Brazilian Government Plans to Open Talks with Keppel, Sembcorp Marine (Sep 05)
Company: Jurong Shipyard more info
- NADL, Jurong Shipyard Extend Standstill Agreement for West Rigel (Jun 08)
- Maersk Drilling Acquires Newbuild Jackup from Hercules Offshore for $190M (May 27)
- Sembcorp Marine Dismisses EIG's Allegations on Sete Brasil Investment (May 25)
Company: MODEC International more info
- Shell Extends MODEC's Contract for FPSO Fluminense to December 2020 (Sep 02)
- Keppel's BrasFELS Completes Project for MODEC's FPSO (Jun 29)
- McDermott Joins 14 Other Offshore Firms to Establish Industry Standards (May 19)