Keppel Gets FPSO Conversion Deal from SBM Offshore

Singapore-based Keppel Shipyard has secured a floating production storage and offloading (FPSO) vessel conversion contract from Dutch oil and gas services provider SBM Offshore.

Under the contract, the shipbuilder is to convert a very large crude carrier (VLCC) into an FPSO, which upon completion, will be deployed to the Liza field, located 193 km offshore Guyana in the Stabroek block.

The shipyard’s work scope includes refurbishment and life extension works, such as the upgrading of living quarters, fabrication and installation of spread mooring systems, as well as the installation and integration of topside modules.

Keppel informed that the converted FPSO will have a storage capacity of 1.6 million barrels of crude oil and will be capable of producing up to 120,000 barrels of oil per day. The vessel will have a gas treatment capacity of circa 170 million standard cubic feet per day and a water injection capacity of circa 200,000 barrels of water per day.

The company added that the deal is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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