Sembcorp Marine has won a contract to design and build a new floating, storage and offloading (FSO) vessel for Maersk's Culzean development in the North Sea.
The vessel, to be built under a contract with MODEC Offshore Production Systems (Singapore), is scheduled for delivery in 1Q 2018.
It will be Sembcorp Marine's first FSO newbuild secured on a full turnkey project basis including Engineering, Procurement, Construction and Commissioning (EPCC). MODEC will supply the internal turret and topside modules (vapour recovery unit and metering skid) which Sembcorp Marine will install and integrate.
Sateesh Dev, President of MOPS, said: “We have been long-time partners with SCM for our conversion projects and we have seen SCM’s strong track record in delivering quality vessels and rigs. As such, we are pleased to continue our partnership with Sembcorp Marine for this new build FSO meant for operation in the UK sector of the North Sea.”
William Gu Wei Guang, Head of Sembcorp Marine Rigs & Floaters, said: “This is our 24th project working with MODEC and the first new build FSO for Sembcorp Marine Rigs & Floaters. The FSO will be built using our facilities at Tuas Boulevard Yard. We thank MODEC for placing their confidence and trust in us.”
When completed, the FSO will be deployed at Maersk Oil’s Culzean field, the largest new oil and gas field to have been discovered in the North Sea for a decade, and recently approved by the UK Oil & Gas Authority for development.
The 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, 2015.
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