FSO Asia Returns to Dubai Conversion Yard for Repairs

Overseas Shipholding Group has provided an update today on the FSO Asia, a Floating Storage and Offloading (FSO) service vessel owned by the joint venture, in which OSG and Euronav N.V. each has a 50% interest.

After extensive commissioning in the shipyard, the vessel was redelivered to the joint venture and arrived at the Al Shaheen oil field offshore Qatar on November 17, 2009. The planned hook-up of the vessel on site was prevented by bad weather and while delayed, further commissioning tests were conducted on board. During one of those tests a hose reel, one of several redundant systems that enable oil to be offloaded from the FSO to an export vessel, was damaged. The joint venture and Maersk Oil Qatar AS (MOQ) agreed to return the vessel to the conversion yard in Dubai to perform the required repairs, which is expected to take 10 days. MOQ has extended the provisional delivery date of the FSO Asia until December 15, 2009.