Keppel Hosts Naming Ceremony for FPSO Polvo

Prosafe ASA said that a naming ceremony for the FPSO Polvo was held Tuesday at Keppel Shipyard in Singapore.

Attending the ceremony were representatives of the partners in the Polvo field: Devon Energy and SK Corporation of Korea, representatives from Keppel and Prosafe, and ambassadors from Norway, Korea, USA and Brazil. The FPSO Polvo was officially named by vessel sponsor Mrs. Hadden.

The FPSO will be delivered from the shipyard around the end of the month, only 16 months after contract award. The vessel is chartered to Devon Energy in Brazil for an initial period of seven years with options to extend with a further eight years.

The FPSO Polvo will be capable of producing 90,000 barrels of oil per day, 135,000 barrels of water per day and 150,000 barrels of fluid per day, with a storage capacity of 1.6 million barrels. The vessel will be moored in 105 meters of water.

The FPSO Polvo will be leased to Devon Energy, and will be Prosafe's first FPSO offshore Brazil. Prosafe was recently awarded a contract by Petrobras for a gas FPSO, and will from 2008 be operating two FPSOs offshore Brazil.

"We are very grateful to Devon Energy and its partner SK Corporation of Korea for selecting us to construct and operate this FPSO to produce the Polvo field," said Mr Arne Austreid, President and CEO of Prosafe ASA. "We have had an excellent cooperation through the project phase, and will continue to do our utmost to maintain and further develop this good relationship. We will continue to deliver to the highest quality standards, and to your full satisfaction, and aim to operate with the first-class regularity that Prosafe is renowned for."

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