Dyna-Mac Holdings Ltd. , a provider of detailed engineering, procurement and construction services (“EPC”) to the offshore oil and gas, marine construction and other industries, has secured orders worth a provisional sum of S$115 million, boosting its order book to a provisional value of S$190 million as at to date.
The Group has signed Letters of Intent (“LOIs”) with leading operators of floating production, storage and offloading vessels (“FPSOs”), including Modec, Bumi Armada Berhad and SBM Offshore, for the fabrication of nine topside modules, nine piperacks and one turret. These offshore structures are for FPSO OSX 3, FPSO D1 and FPSO Quad 204 and the projects are expected to be completed progressively by the end of 2013.
UK, India, Brazil
According to the vessel’s owner, OSX 3 Leasing B.V.,FPSO OSX 3 will be deployed within the Campos Basin, offshore Brazil, on the Waikiki field upon completion.
FPSO Quad 204 will be deployed in the UK North Sea and its turret design is a large internal mounted system with a bogie wheel bearing arrangement, which will moor the FPSO in harsh environmental conditions. The Quad 204 turret has a total weight of 10,000 tonnes and is provided with arrangements for connecting 20 mooring lines and up to 28 flexible risers and umbilicals. The turret topside structures consist of 5 decks and a gantry accommodating the process piping, manifolding, equipment and swivel stack for handling a total fluid throughput of 320,000 barrels per day.
Mr Desmond Lim Tze Jong the Group’s Executive Chairman and CEO, said: “We have been in talks for these projects, amongst others, for some time and we are very pleased to have finally sealed these projects, which boosts our current order book to S$190 million. Our tender book remains healthy and we are confident about our growth outlook given that current market dynamics continue to encourage higher spending on exploration and production of oil. Our optimism is also supported by Dyna-Mac’s strong track record and reliable reputation as a FPSO / FSO topside module specialist among our customers, many with whom we have entrenched working relationships.”
115 million Singapore dollars = 88.27814 million U.S. dollars
190 million Singapore dollars = 145.85084 million U.S. dollars
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MODEC announced today that Petróleo Brasileiro S.A. (“Petrobras”), through its subsidiary Tupi B.V., on behalf of Consortium BM-S-11, has signed a Letter of Intent (LoI) for the supply, respectively, charter, and operations of a Floating, Production, Storage, and Offloading (FPSO) vessel for the BM-S-11 block (Cernambi South) in the giant “pre-salt” region of the Santos Basin with its water depth of 2,300m.
The BM-S-11 block is under concession to a consortium formed by Petrobras (65%), BG Group (25%), and Petrogal Brasil S.A – Galp Energia (10%).The LoI was issued to the Schahin Group and MODEC, Inc., who have partnered for the latest leased FPSO. This is the second venture between the Schahin Group and MODEC, Inc.
The Schahin Group and MODEC, Inc. are responsible for the engineering, procurement, construction, mobilization, and operation of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC will design and provide the spread mooring.
MODEC will convert the VLCC Sunrise J into the FPSO Cidade de Mangaratiba MV24. The FPSO will be capable of processing 150,000 barrels of oil per day, 280 MM standard cubic feet of gas per day and has storage of 1,600,000 barrels of total fluids. Scheduled for delivery during the 3rd quarter of 2014, the FPSO will be installed in the Cernambi South area.
This is the eighth vessel MODEC will provide and operate in Brazil. MODEC is currently operating the FPSO Fluminense, the FPSO Cidade do Rio de Janeiro MV14, the FSO Cidade de Macae MV15, the FPSO Cidade de Niteroi MV18, the FPSO Cidade de Santos MV20 and the FPSO Cidade de Angra dos Reis MV22. The FPSO Cidade de Sao Paulo MV23 is currently under construction and scheduled to be installed in the fourth quarter of 2012.
“We are very happy to be awarded the third vessel for the pre-salt discoveries. And we are committed to carry out the project by maximizing Brazilian local content in order to contribute to the foundation for the development of heavy industry in Brazil,” said Toshiro Miyazaki, President and CEO of MODEC, Inc.
The Schahin Group has a significant presence in the drilling services market and has been working with Petrobras Group and Consortia of which Petrobras has been participating since 1982. The Schahin Group is pleased to expand in to production services via the partnership with MODEC and Petrobras Group and Consortia in which Petrobras participates.
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Woodside is Australia’s largest publicly traded oil and gas exploration and production company and one of the world’s leading producers of liquefied natural gas. As the Browse Operator, Woodside leads a group of veteran oil and gas organizations (BHP Billiton, BP, Chevron, and Shell).
MODEC will utilize its proprietary Ring Pontoon (RP) Tension Leg Platform (TLP) design for the Browse DTUs, which will be deployed to the Calliance and Brecknock fields. The FEED is scheduled for completion by the end of August 2011.
MODEC Director and Executive Officer Shashank Karve said, “This is an extremely important project for MODEC and further solidifies MODEC as the premier TLP designer and global supplier. MODEC continues to endeavor to bring innovation to the oil and gas marketplace and has staffed this challenging project with a strong focus on safety, cost, and operational efficiency. Should MODEC be selected for the supply of the Calliance and Brecknock TLPs, they will be MODEC’s sixth and seventh TLPs and the first to be designed and installed in Australia. MODEC has a strong history of industry first innovation and looks forward to providing Woodside and its partners with the very best TLP technology. We will execute the FEED with proven and experienced TLP personnel, with the target to be the company selected to provide Woodside and its partners with the very best in TLP technology.”
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Source:Modec , April 13, 2011
( Original Article )