Eidesvik Offshore Secures Charter Party Contracts with Statoil

- Eidesvik Offshore Secures Charter Party Contracts with Statoil

Wednesday, June 22, 2011
Eidesvik Offshore

Eidesvik Offshore has been awarded a 5 year Charter Party Contract by Statoil for the Platform Supply Vessel (PSV) Viking Avant. The contract has further 3 yearly options for extension.

Statoil has at the same time awarded Eidesvik Shipping AS, a subsidiary of Eidesvik Offshore ASA, a 2 year Charter Party Contract for the PSV Viking Lady. The contract has further 2 yearly options for extension.

"Eidesvik have worked for Statoil for more than 30 years. We are convinced that the outstanding performance of our offshore personnel during all these years has been an important factor in the award of these contracts," said President and CEO Jan Fredrik Meling.

Viking Avant was awarded Ship of the Year in 2004 with its Avant design. Viking Avant is built with bridge and engine aft, contrary to all previously built PSV's. When designing this vessel the main emphasis was put on important criteria such as reduced motions and noise in the superstructure due to location of the bridge, improved quality of onboard working hours for the crew, better quality on off duty time onboard and better light conditions in living and working areas, as all of these are located above main deck.

Viking Lady is Eidesviks' third vessel of Avant design with all the advantages listed above. Further Viking Lady are by international media and specialists claimed to be the world's most environmentally friendly ship. Viking Lady employs a dual-fuel LNG/Diesel electric power plant which reduces NOx emission significantly. The ship has also installed a fuel cell of 320kW output and, like the main engines, is fuelled by LNG. This provides a significant portion of the base load when the ship is stationary.

With the contract of Viking Lady all three Eidesvik vessels of Avant design will be in service for Statoil in different locations on the Norwegian continental shelf.

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MODEC, Mitsui, Mitsubishi to Charter FPSO for Guara Field

- MODEC, Mitsui, Mitsubishi to Charter FPSO for Guara Field

Wednesday, May 25, 2011
Mitsubishi Corp.

MODEC, Mitsui and Mitsubishi have agreed to invest in building and chartering a floating production, storage, and offloading system (FPSO) to GUARA B.V, a Dutch company belonging to BM-S-9 consortium members. The FPSO will be delivered offshore Brazil and used to develop the giant pre-salt region of the Santos Basin, in the BM-S-9 block (Guara Area) under concession to the consortium comprised of the following three companies: Petróleo Brasileiro S.A – Petrobras (45%), BG E&P Brasil Ltda – BG (30%), and Repsol Sinopec Brasil S.A – Repsol Sinopec (25%).

Mitsui and Mitsubishi shall soon finalize their capital investment in Dutch company Guara MV23 B.V. (MV23), a subsidiary established by MODEC. MODEC is currently converting the VLCC (very large crude oil carrier) Radiant Jewel into an FPSO under the ownership of MV23. Upon completion of the conversion, the system shall be named the FPSO Cidade de Sao Paulo MV23 and be deployed to the BM-S-9 (Guara) Block off the Brazilian coast, where vast oil reserves lay beneath a layer of rock and salt at a depth of 5,000 meters.

The topsides modules will be lifted and integrated on the FPSO in Brazil. The FPSO is scheduled for delivery during the 4th quarter of 2012, and is expected to be engaged in oil production for 20 years. MODEC is responsible for the engineering, procurement, construction, mobilization, and operation of the FPSO, including topsides processing equipment as well as hull and marine systems.

This is the second FPSO chartering project for the pre-salt area oil field, following the one announced in March 2010 also by us. MV23’s Brazilian local partner as joint venture partner in the tender, Schahin Group, is considering the participation as a shareholder of MV23 for a certain share. Schahin Group will also take some roles in the operation of the FPSO.

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