Sevan Marine: Cost Increase for FPSO Sevan Voyageur

- Sevan Marine: Cost Increase for FPSO Sevan Voyageur

Friday, August 26, 2011
Sevan Marine ASA

Sevan Marine informed that the results for the second quarter of 2011 will be postponed until August 31, 2011. There will be no public presentation for 2Q-2011.

Following detailed project reviews and assessments on the FPSO Sevan Voyageur upgrade project, there has been identified additional costs to be incurred by the Company, resulting in a current cost estimate for the project in the range of USD 170-190 million. The increase from the previously announced cost estimate of USD 160-170 million is mainly a result of time related costs due to additional delays, in part as a result of the Company's challenging liquidity situation, as well as certain increased procurement costs for equipment and yard services. First oil is currently expected to take place during the second quarter of 2012. FPSO Sevan Voyageur is contracted to E.ON Ruhrgas UK E&P for the Huntington field in the UK North Sea. Estimated contract value is USD 535 million for the fixed term of five years. The contract has extension options.

The Board of Directors continues to hold constructive dialogue with bondholders and other relevant parties regarding a global restructuring of the Company's balance sheet.

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Maersk Awards TWMA Contract for Gryphon FPSO

- Maersk Awards TWMA Contract for Gryphon FPSO

Thursday, August 25, 2011
TWMA

Maersk Oil has awarded TWMA a contract to handle and dispose of subsea structures and equipment damaged during the Gryphon FPSO storm incident earlier this year.

The Aberdeen-headquartered oil and gas environmental waste management company has been contracted by Maersk Oil in the UK to handle the recovered structures and equipment which suffered damage when storm weather in the UK North Sea caused the Gryphon FPSO to move off station in February.

The contract is worth a six-figure sum and was awarded to TWMA as part of Maersk Oil's ongoing Gryphon recovery and repair program.

TWMA's workscope covers onshore handling, cleaning and cutting of subsea structures including risers, riser bases, flowlines, umbilicals, mid water arches and mattresses. The firm will maximize recycling and reuse options for all recovered materials.

The subsea structures and equipment will be recovered offshore prior to landing at Lerwick harbor, Shetland, where they will be transported to TWMA's onshore waste transfer station in Vatster Gott, Shetland.

Brian Henderson, environmental services division manager of TWMA, said, "Maersk Oil is one of our longest standing clients and we are delighted that they have chosen to use TWMA for this important recovery project.

"Having a permanent presence in Shetland with a dedicated waste transfer station and team allows us to deliver a highly efficient waste management service to Maersk Oil and other clients operating in this region.

"We anticipate that 95% of the subsea material recovered from the Gryphon field will either be reused or recycled, thus dramatically reducing the volume of waste sent for landfill.

"TWMA has extensive knowledge and many years of experience in the field of recovered waste materials, mainly handling large subsea structures and equipment such as pipelines and umbilicals for the decommissioning market. We implement similar waste management strategies to undertake projects such as this where equipment needs to be recovered and replaced with minimal disruption for oil production to go back online."

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SBM Offshore Clinches LOI for FPSO Lease Offshore Brazil

- SBM Offshore Clinches LOI for FPSO Lease Offshore Brazil

Thursday, August 11, 2011
SBM Offshore

SBM Offshore announced that one of its Affiliates and Queiroz Galvao Oleo e Gas S.A. (QGOG), have received two Letters Of Intent (LOI), one from GUARA BV and one from BM-S-9 Consortium, established by the companies Petrobras (Operator, 45%), BG E&P Brasil (30%), and Repsol Sinopec Brasil S.A. (25%) for a twenty year charter and operation of an FPSO for the Guará Norte development in the pre-salt area, offshore Brazil.

The Guará Norte field is located in block BM-S-9 in the Santos basin at approximately 300 kilometers offshore and 2,300 meters water depth. The FPSO will include topside facilities to process 150,000 bpd of production fluids, associated gas treatment for 6,000,000 Sm3/d with compression and carbon dioxide removal, hydrogen sulphide removal, and a water injection facility for 180,000 bpd.

It is the intention that the unit will be owned and operated by a consortium in which SBM Offshore's shareholding will not be less than 49.5% and not exceed 62.25%.

The project schedule foresees delivery of the FPSO in 35 months from LOI.

The non-discounted total of the revenues payable under this contract to the consortium, excluding escalation and bonus, amounts to approximately US $4.5 billion.

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Galoc JV to Install Improved Mooring at FPSO

- Galoc JV to Install Improved Mooring at FPSO

Tuesday, July 26, 2011
Otto Energy Ltd.

Otto has continued to focus on its Philippines-based portfolio of high quality exploration assets, complemented by oil production from the Galoc field.

Highlights:

• Galoc production during the quarter of 618,244 bbl gross of crude oil (116,106 bbl net to Otto), with 88% 12-month rolling uptime for the field
• Exercise of farm-in option by BHP Billiton in SC55 and Otto (through its wholly-owned subsidiary NorAsian Energy Ltd) lodgement of notice to enter drilling exploration sub-phase
• Completion of Duhat-1/1A exploration well drilling provides strong support for follow up in SC51
• Completion of 210 km2 high quality 3D seismic acquisition over Lampos and Lampos South prospects in SC69
• Galoc joint venture approval in July to install an improved mooring and riser system upgrade for FPSO Rubicon Intrepid, crucial to progressing Phase 2 field development

Production

Since the start-up of production in October 2008, the Galoc oil field has produced a total of 7.54 million barrels of crude oil as of 30th June 2011, and delivered 22 offtakes to refinery customers. As at the end of the June 2011 quarter, the field was producing around 6,750 barrels of oil a day

Otto, through its shareholding in the field operator Galoc Production Company WLL (GPC), has commenced pre-planning activities for the further development of the Galoc field with a decision on Phase 2 due to be taken in early 2012.

Exploration and Development

Interpretation of the recently acquired 3D seismic from Service Contract 55, offshore Palawan, has matured the amplitude-supported Hawkeye prospect and a series of large Nido level carbonate prospects. The permit contains a significant number of high quality, large volume prospects that are being quickly matured for drilling by Otto and its partners. The JV has recently elected to enter the next permit sub-phase which requires a commitment well to be drilled prior to August 2012.

Corporate

The Board is currently finalizing negotiations for the appointment of a new CEO and will advise the market accordingly once completed.

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Keppel On Track To Complete FPSO Aseng

- Keppel On Track To Complete FPSO Aseng

Monday, July 18, 2011
Keppel Shipyard

Keppel Shipyard Ltd's (Keppel Shipyard) conversion of the FPSO Aseng is on track to complete. The FPSO will be operated by Aseng Production Company Ltd, a joint venture by SBM Offshore and Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea.

Chartered by Noble Energy for the development of the Aseng field in offshore Equatorial Guinea, FPSO Aseng is capable of processing 80,000 barrels of oil per day and storing approximately 1.7 million barrels of oil.

HE Marcelino Owono Edu, Minister of Mines, Industry and Energy of Equatorial Guinea, witnessed the naming of the FPSO by his daughter, Señorita Doña Ayingono Owono Nchama, at Keppel Shipyard today.

Mr Tony Mace, Managing Director and CEO of SBM Offshore, commented, "We are honoured to be able to contribute to the growth of Equatorial Guinea's oil and gas industry. Through the strong teamwork between SBM and Keppel Shipyard, we add yet another quality vessel to our fleet of FPSOs."

Mr Tong Chong Heong, CEO of Keppel Offshore & Marine added, "Keppel is committed to provide value-added solutions and reliable services to our customers. With safety as our top priority, we have exercised a focused approach to ensure that the needs and expectations of FPSO Aseng's stakeholders are met. Working closely with our partners on this project, we are taking strides towards a quality delivery."

Keppel's work scope on FPSO Aseng includes refurbishment and life extension works, upgrading the accommodation facilities, installing and integrating the topsides as well as fabricating and integrating the internal turret.

Since 2000, Keppel and SBM have completed 13 FPSO/FSO conversion projects together. FPSO Aseng is the second FPSO project which Keppel Shipyard and SBM are delivering for Equatorial Guinea.

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Galoc JV to Upgrade FPSO

- Galoc JV to Upgrade FPSO

Friday, July 08, 2011
Otto Energy Ltd.
by SubseaIQ

Galoc Production Company (GPC) reported an update regarding an upgrade of the mooring and riser system for the FPSO Rubicon Intrepid operating at the Galoc field.

The new turret mooring system is designed to substantially increase the reliability and uptime of the FPSO and is a crucial component to enable the Galoc Joint Venture to move ahead with Phase 2 development.

Otto owns 31.38% of GPC, which has a participating interest of 59.84473% in the Galoc field.

Otto Chief Financial Officer and Acting CEO Matthew Allen said, "The upgrade of the FPSO system will substantially improve the uptime of the Galoc field, which is an important revenue-generator for Otto. In addition, it provides a vital platform from which to embark on our planned Phase 2 development of the field, which we expect to approve early next year."

"Engineering work on the new system is already well underway, and we look forward to the upgraded FPSO returning to the Galoc field before the end of 2011."

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3D Training Simulator Delivered for Pazflor FPSO

- 3D Training Simulator Delivered for Pazflor FPSO

Thursday, June 30, 2011
VRcontext International

VRcontext International was recently awarded a milestone contract with TOTAL E&P Angola to deliver a 3D "Immersive Training Simulator" (ITS) for the Pazflor FPSO, to be anchored on one of TOTAL's largest offshore producing assets.

Walkinside allowed the TOTAL Training Room Instructors to create customized collaborative scenarios that were later used to develop improved communication skills of the trainees and to test their execution performance.

Walkinside ITS' Scenario Editor helped TOTAL E&P Angola simulate real-life workflow situations using different training mode options, with diverse immersive scenarios specifically designed for the planning, the scheduling and the execution of Standard Operating Procedures. The implementation of these scenarios can be timed and stored for subsequent operators' assessment, improvement tracking and playback for refresher courses or novice training, making learning more effective, fun and easy!

"The objective for the Field Operators was to associate the Tags of equipment, instruments such as pressure gauges, valves, safety valves on one hand and piping lay out and the main machines such as pumps on the other hand, with their location on site for various scenarios including HSE (Health, Safety Environmental) procedures, Black Start procedures and Routine operations," said Lionel Ramat from the Field Operations group of the Pazflor project for TOTAL E&P Angola.

He added: "Even though it is still early to quantify the return on investment, the ease of the takeover by the trainees and their feedback were very positive. Also the value of the ITS, as a contextual training environment, was confirmed by experienced operational personnel."

Thanks to the Walkinside ITS, TOTAL can now rely on faithful, photo-realistic 3D representations of its new producing assets for the training of all field personnel. The 3D Virtual Reality models can be automatically created from the existing 3D Engineering CAD drawings using the smart Walkinside converter capabilities. The 3D models are subsequently enhanced to include interactive items that can be manually operated during the training sessions, such as valves, pumps, fire-extinguishers, etc. Trainees are therefore able to use these live-action items in training scenarios.

This breakthrough technology helps accelerate both safe start-up operation and time to first oil of all new important assets, significantly improving Return on Investment for major capital projects.

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Apache Shuts Van Gogh FPSO for Repairs

- Apache Shuts Van Gogh FPSO for Repairs

Wednesday, June 15, 2011
Rigzone Staff

Apache reported that scheduled maintenance of the Ningaloo Vision floating production, storage and offloading (FPSO) vessel commenced on June 11, 2011.

The Van Gogh oil field will be shut in during the maintenance activities. Since October, the FPSO has been shut several times for unplanned and planned repairs.

The Van Gogh field was producing approximately 40,000 barrels per day (bpd). With a 52.5 percent stake, Apache operates the Van Gogh field, while Inpex holds the remaining.

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Keppel to Deliver FPSO to Bumi Armada

- Keppel to Deliver FPSO to Bumi Armada

Monday, June 13, 2011
Keppel Corp. Ltd.

Keppel is on track to deliver its latest Floating, Production, Storage and Offloading (FPSO) project, Armada TGT 1, to Bumi Armada Berhad (Bumi Armada).

Mr. Nelson Yeo, MD of Keppel Shipyard, said, "We would like to thank our valued customer Bumi Armada for entrusting Keppel Shipyard with the conversion of all their FPSOs.

"The success of any complex conversion project depends on the trust and teamwork between a shipyard and its customers. Keppel Shipyard was privileged to have the full support of Bumi Armada in the safe and timely execution of Armada TGT 1, for which we had provided a full range of conversion services, including the fabrication of the topsides and turret."

Armada TGT 1 will be deployed in the Te Giac Trang (TGT or White Rhinoceros) oil field, in Vietnam's Cuu Long Basin, for Hoang Long Joint Operating Company. This FPSO is expected to strike first oil in the third quarter 2011. At full capacity, the unit will be able to produce 55,000 barrels of oil per day and store 620,000 barrels of oil.

Mr. Hassan Basma, Executive Director and CEO of Bumi Armada, elaborated on the vessel's specifications, "This FPSO has been specifically designed to process difficult crude with a low wax appearance temperature and to withstand, sustain and remain moored under 100 year return environmental conditions including cyclones and tsunamis prevalent offshore Vietnam; this too in shallow waters of less than 43 meters. The completed topside is more than 12,000 tonnes and incorporates state-of-the-art technologies and a different layout to similar class FPSO resulting in a lighter topside and improved operability and safety considerations."

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Hamworthy Wins Goliat FPSO Order

- Hamworthy Wins Goliat FPSO Order

Monday, June 06, 2011
Hamworthy plc
by SubseaIQ

Hamworthy has won a major contract from Hyundai Heavy Industries (HHI) to supply a complete inert gas generator system, as part of the shipbuilder's latest Floating Production Storage and Offloading (FPSO) newbuild contract.

The contract calls for delivery of a fully assembled inert gas system (IGS) to the Goliat FPSO, to be located in the Barents Sea.

HHI has an engineering, procurement and construction contract with ENI Norge, operator of the Goliat field, with an ownership share of 65%. Statoil holds the remaining 35%.

The IGS plant is being manufactured and tested at Hamworthy's site in Moss and will be delivered early in 2012. It will be fitted inside a tailor-made enclosure, ensuring that the system is protected from the harsh Barents Sea environment.

"This contract award follows previous successful deliveries to HHI and we are proud to once again be selected as the supplier for such a technically advanced project," said Odd Ivar Lindløv, Hamworthy Moss, Offshore Business Unit Director.

The Goliat order follows Hamworthy's supply of the inert gas system for the FPSOs Usan and Akpo, to be deployed offshore Nigeria, which were also constructed by HHI. These vessels are two of four, two million barrel storage capacity FPSOs under construction for Total to which Hamworthy is contributing complete inert gas systems.

The Goliat FPSO will have a production capacity of around 110,000 barrels of oil per day, gas processing capacity of almost 4 million m3 per day and an oil storage capacity of one million barrels of oil. It has been designed according to the strict environmental requirements demanded by operations in the Barents Sea, to minimise emissions and ensure no discharges during normal operations.

Mr. Lindløv said the latest contract followed a pattern set by recent orders, drawing on Hamworthy's extensive experience in supplying environmentally friendly, safe and efficient solutions to the offshore exploration and production sector. "As well as FPSOs, these solutions benefit other vessels engaged in every stage of oil field development, from exploration and construction through to production and maintenance, including: seismic vessels, drillships, semi-submersible rigs/jack-up rigs, gas carriers and shuttle tankers."

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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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Maersk Selects Lloyd's Register for FPSO Contract

Maersk Selects Lloyd's Register for FPSO Contract

Monday, May 02, 2011
Lloyd's Register

Lloyd's Register EMEA has been awarded the global contract to provide Maersk FPSOs with a comprehensive suite of technical services to assure the reliable operation of its fleet of floating oil and gas production units which serves some of the world's biggest offshore fields.

The multi-year agreement will require the combined expertise of the energy and marine teams at Lloyd's Register to deliver a suite of technical services -- including integrity and inspection management, classification, verification and engineering support -- to help ensure safe and sustainable operations. There is an option to extend beyond the original contract period.

"This is a very important contract for Lloyd's Register, not least because it offers further evidence of our ability to deliver a wide portfolio of technical services to elite companies in the offshore industry," said Iain Light, Group Energy Director, Lloyd's Register. "We are among very few organizations supporting the offshore industry that has the required global reach and depth of knowledge to deliver such a comprehensive and consistent range of technical support across the world."

Lloyd's Register has an unrivalled marine heritage which it has merged with the offshore expertise of its energy division and bolstered with specialist expertise acquired through recent acquisitions to offer a unique technical-assurance package that covers people, plant and process, Light says.

"Maersk FPSOs are pleased to continue our relationship with Lloyd's Register for classification, verification and integrity management services," said David McLean, Maersk FPSOs' Chief Operating Officer. "Following a competitive tender, the decision to award the contract was made on financial, technical and strategic grounds with LR ideally suited to align themselves geographically to our requirements."

Lloyd's Register has committed more than GBP150 million in the past five fiscal years to acquire companies displaying technical leadership in their specialist fields, including: Scandpower AS, a leader in independent risk-management; ModuSpec BV, the leading provider of technical services to the offshore drilling sector; and Human Engineering Ltd, one of the world's top human factors consultancies.

The new agreement will require Lloyd's Register to assist and advise Maersk FPSOs on meeting the regulatory, health, safety and environmental commitments of its asset integrity-management program.

It also requires Lloyd's Register to proactively manage activities relating to the retention of class notations for Maersk FPSOs' fleet, to supply the surveyors to carry out Flag State surveys and to carry out in-service and design verification and examination activities as required by local legislation and/or Maersk in markets as distant as Australia, Brazil, Norway and the UK.

To ensure a seamless delivery of the complex long-term program, the core integrity team at Lloyd's Register will reside with Maersk FPSOs' operations team in Aberdeen.

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FPSO PSVM Set to Sail for BP Block Offshore Angola

FPSO PSVM Set to Sail for BP Block Offshore Angola

Monday, April 25, 2011
Sembcorp Marine

FPSO PSVM, one of the world's largest Floating Production Storage and Offloading vessels successfully converted by Sembcorp Marine's subsidiary Jurong Shipyard for contractor MODEC, is well-poised for its maiden assignment offshore Angola for owners BP Exploration (Angola) Limited and Block 31 partners.

Equipped with one of the biggest external turrets ever constructed in the oil industry and topside modules of over 20,000 tonnes, the FPSO PSVM is destined for the Plutão, Saturno, Vênus and Marte (PSVM) Development in Block 31 offshore Angola, the first ultra-deepwater development in West Africa. Designed for up to 20 years of deployment without drydocking, FPSO PSVM will be installed in water depth of 2,000m and is capable of processing 157,000 barrels of oil per day and 245 million cubic feet per day of production gas with a storage capacity of 1.8 million barrels of oil.

To commemorate the conversion success, FPSO PSVM was named by Lady Sponsor Mrs Ana Maria Martins, the wife of Eng. Gaspar Martins, Executive Director of Sonangol E.P, in a ceremony at Jurong Shipyard on Saturday, April 16, 2010 witnessed by key representatives and stakeholders.

Converted from a Very Large Crude Carrier (VLCC) tanker Ex-Bourgogne, FPSO PSVM is the 19th conversion and upgrading by Jurong Shipyard for MODEC since the FPSO Nan Hai Sheng Li in 1995, and is a testament to the yard's offshore conversion expertise.

The conversion of FPSO PSVM involved 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.

High standards of quality, technical excellence as well as Health, Safety, Security and Environment were achieved by Jurong Shipyard, MODEC and BP for the project, which attained a commendable safety performance of 8.1 million manhours without lost-time incidents.

CNOOC: FPSO Malfunction Halts Oilfields in Bohai Bay

CNOOC: FPSO Malfunction Halts Oilfields in Bohai Bay

Friday, April 22, 2011
CNOOC Ltd.

CNOOC announced that a malfunction occurred on the single point mooring system of the Floating, Production, Storage and Offloading (FPSO) vessel Haiyangshiyou 102 serving in the Bohai Bay due to rough sea conditions. Operations were immediately shut down at the affected oilfields.

Till now, the Haiyangshiyou 102 FPSO has been safely secured and tugged to safe area. There were no injuries during the process and no oil spill was found. The Company is actively working on the recovery plan to resume production as early as possible.

The oilfields affected this time include Bozhong (BZ) 28-2 S, BZ 28-2 SN, BZ 34-1N and BZ 29-4. All of these four fields are owned and operated by the Company. The total production capacity was approximately 39,000 barrels per day.

The Company maintains appropriate insurance coverage of the operations related to the oilfields.

EMAS to Take Delivery of FPSO from Keppel

EMAS to Take Delivery of FPSO from Keppel

Friday, April 15, 2011
Keppel Corp. Ltd.

EMAS Production is set to take delivery of one of Vietnam's largest Floating Production Storage and Offloading (FPSO) vessels from Keppel Shipyard Limited (Keppel Shipyard), on behalf of owner PV Keez Pte. Ltd (PV Keez).

To be managed and operated by EMAS Production, FPSO Lewek EMAS has been chartered by Premier Oil Vietnam Offshore B.V. for the development of the Chim Sáo field off southern Vietnam for six years, with a further option to extend the charter by another six years. The FPSO charter contract is one of only seven signed worldwide in 2009, and is worth approximately US$1 billion.

The project to convert the 168,000 dwt Suezmax tanker into an FPSO was awarded to Keppel Shipyard in December 2009. To date, Keppel Shipyard has achieved a good safety record of over 4.1 million incident-free man-hours for its conversion.

Speaking at the vessel's naming ceremony, Mr. Lionel Lee, Group Managing Director of EMAS said, "Lewek EMAS is our second FPSO project with Keppel Shipyard with whom we have established a win-win partnership. This FPSO underscores EMAS' ability to deliver a diverse range of customized marine and offshore support solutions, from design and engineering to maintenance and offshore installation. The addition of Lewek EMAS to our fleet propels EMAS Production to be one of Asia's leading FPSO operators."

Mr. Nelson Yeo, Managing Director of Keppel Shipyard said, "Keppel Shipyard is pleased to support the conversion of Lewek EMAS. We provided a broad spectrum of FPSO conversion services on this project, including the engineering and fabrication of topsides modules.

"In spite of the tight schedule, the project teams for this conversion have worked hard to upkeep the highest standards of quality and safety of our people and workplace. The successful conversion of Lewek EMAS further enhances Keppel as the choice provider of reliable and value-added services."

Lewek EMAS is on track for delivery in the second quarter of 2011, and is expected to begin production in July this year.

A joint venture between Ezra Holdings Limited, PetroVietnam Transportation Corporation, EOC Limited and KSI Production Pte Ltd, PV Keez is the first overseas company to secure an offshore Vietnam loan in order to finance the FPSO's conversion.