Keppel Shipyard on track to deliver FPSO vessel to Yinson unit

  • Business
  • Friday, 03 Feb 2017

Yinson’s headquarters in Johor Baru. The Petronas licences have given the company a fresh catalyst.

SINGAPORE: Singapore's Keppel Shipyard Ltd is on track to deliver a floating production storage and offloading (FPSO) vessel to YINSON Production (West Africa) Pte Ltd.

Keppel Shipyard is a wholly-owned unit of Keppel Offshore and Marine's (Keppel O&M), while Yinson is a wholly-owned unit of Yinson Holdings Bhd, Malaysia's integrated offshore production and support services provider.

It will be chartered by ENI Ghana Exploration and Production Ltd (ENI Ghana) to process oil and gas (O&G) from the Offshore Cape Three Points (OCTP) block located offshore Ghana.

The spread-moored FPSO unit was named John Agyekum Kufuor during a naming ceremony held at Keppel Shipyard in Singapore on Friday.

"Over the years, we have strengthened our relationship with our repeat customers, Yinson and ENI, and we are glad to be able to support them once again in providing FPSO solutions to the market," managing director (marine  and technology) of Keppel O&M, Michael Chia, said in a statement.

"We have a strong track record of customising FPSOs and John Agyekum Kufuor is our 27th conversion project for Africa, and 125th overall," said Chia.

FPSO John Agyekum Kufuor has a storage capacity of 1.7 million barrels, with oil processing capacity of 58,000 barrels per day.

It has a 20-year design life without dry docking and can be moored in an average water depth of 1,000m with almost 15,000 tonnes total topside weight.

"There are opportunities in the FPSO market and we are glad to be able to meet the needs with our FPSO solutions," group chief executive officer of Yinson, Lim Chern Yuan, said.

Keppel Shipyard, a trusted industry name for the repair, conversion and upgrading of a diverse range of vessels, is currently undertaking the world's first-of-its-type Floating Liquefaction Facility conversion.

Yinson Group, meanwhile, disposed of all its non-O&G business segments last year and streamlined its business to a full-fledged FPSO and marine company.

Currently, it is the sixth largest company in the global FPSO market, having a wide geographical presence in West Africa, Europe and South-East Asia.

It was reported earlier that Yinson had awarded Keppel O&M conversion works, one of four contracts, on the FPSO in December 2015 worth a combined US$88.4 million.

Conversion work on the FPSO commenced in the first quarter of 2016.

ENI earlier had awarded Yinson a US$2.5 billion FPSO charter and operation contract for operation and maintenance of an FPSO facility for 15 years, with five yearly extension options in January 2015.

The FPSO is expected to start operations in the OCTP block in the Tano basin, about 60km offshore Ghana, this year. - Bernama
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