Barossa FPSO

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escveritas
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Barossa FPSO

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BW Offshore has signed a contract with Santos Ltd. for the supply of a FPSO for the Barossa gas field, with initial production expected to commence during the first half of 2025.
The Barossa FPSO represents a new type of infrastructure-like contract for BW Offshore with attractive long-term returns, supported by strong partnerships with equity co-investors and banks.

Marco Beenen, CEO of BW Offshore
The Barossa gas field is located 300 kilometres offshore Darwin in northern Australia. Barossa will be developed via a FPSO with six subsea production wells, in-field facilities and a gas export pipeline tied into the Bayu-Undan to Darwin pipeline system that supplies gas to Darwin LNG. The Darwin LNG plant is located 6 kilometers from Darwin at Wickham Point and commenced production in 2006.


Securing a long-term contract

The Lease and Operate contract has a firm period of 15 years, with 10 years of options. The firm period contract value is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The contract is subject to Final Investment Decision (FID) by Santos and its partners.

The project capex of around USD 2 billion will be financed by banks and equity partners, in combination with BW Offshore, as well as approximately USD 1 billion in total advance lease payments during the construction period.

Initial gas production from the FPSO is expected during the first half of 2025.

“This award confirms our ability to leverage extensive operational and development capabilities to win and execute offshore energy transition related projects. The Barossa FPSO represents a new type of infrastructure-like contract for BW Offshore with attractive long-term returns, supported by strong partnerships with equity co-investors and banks,” says Marco Beenen, CEO of BW Offshore.


Building a unit based on the RapidFramework® design

The unit for the Barossa gas field will be a large FPSO with processing capacity for up to 800 million standard cubic feet per day (MMSCFD) of gas and design capacity of 11,000 barrels per day of stabilised condensate. The FPSO will be turret moored with a newbuilt hull based on BW Offshore’s RapidFramework® design.

The innovative Rapid Framework® concept is based on experience from the development of the Catcher FPSO in 2017, allowing for concurrent hull construction and topside integration by removing interdependencies during construction phase. The robust design can accommodate the most advanced topsides. For Barossa, the topside weight is expected to be approximately 35,000 tons.

The Barossa FPSO will be built in South Korea and Singapore before being towed and permanently moored at the field where it will produce and process natural gas for export via pipeline to Darwin LNG. Condensate will be stored on the FPSO for periodic offloading.

“Our skilled project execution organisation, experience from the Catcher project and working with well-known suppliers and yards, positions us to efficiently design, construct and deliver the newbuild FPSO for Barossa using the BW Offshore RapidFramework® design,” says Mr. Beenen.
escveritas
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Re: Barossa FPSO

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30 April 2021

BW Offshore has awarded an Early Order to Proceed (EOP) to APL, part of NOV Completion and Production Solutions segment, for the supply of a large Submerged Turret Production (STP™) system for the Barossa gas and condensate field offshore Australia.

Image

The Submerged Turret Production (STP™) is a unique, innovative, and flexible turret mooring system for floating production, storage, and offloading (FPSO) vessels, making it suitable for a wide range of applications. As a further development of the Submerged Turret Loading (STL™) system, STP is combined with a high-pressure multipath swivel to create a complete turret and swivel package.

STP or FPSO vessel mooring is developed from the basis of the proven STL system. The STP swivel mounted on top of the turret buoy transfers oil, water, gas, signals, and power from the geostationary riser system to the piping and cabling system of the freely weathervaning production vessel.

As for STL, the STP system enables schedule decoupling between the offshore and shipyard work. The disconnect feature of the buoy simplifies unplanned repair, upgrading, inspections, and replacement of the FPSO vessel as well as abandonment of the field.
escveritas
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Re: Barossa FPSO

Unread post by escveritas »

Samkang M&T has been awarded by BW Offshore to build the hull for the future Santos Barossa FPSO. Earlier on, BW Offshore was awarded the construction, commissioning and installation contract for the supply of Barossa FPSO. Prior to this, ConocoPhillips as the field operator has awarded MODEC, a Japanese FPSO contractor for the supply of the FPSO just before the oil price crashed lately. Santos soon farmed in, and with the intention of reducing CAPEX for the project, decided to 'spread out' the contracts for the project.

BW Offshore has recently awarded the contract for the topsides modules fabrication and installation to Dyna-Mac, a subsidiary of Keppel Offshore & Marine for a sum of USD 197 Million for the work to be carried out in SIngapore.

Early this year, TechnipFMC was awarded contract by Santos for the supply of the Subsea Production System worth between USD 75 to 200 Million and Subsea 7 was awarded the SURF contract by ConocoPhillips for a sum of USD 300 to 500 Million.
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Re: Barossa FPSO

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BW Offshore completes Barossa FPSO debt financing

BW Offshore is pleased to announce the completion of the USD 1.150 billion project debt financing for the construction and operation of the FPSO for the Barossa gas field operated by Santos’ subsidiary Santos NA Barossa Pty Ltd on behalf of its joint venture partners.

The combined construction and long-term debt facility has been provided by a syndicate of 9 international banks. The facility will be gradually drawn over the course of the project period. The financing will become non-recourse once the FPSO has been completed and the pre-completion guarantee has been released. The facility has a tenor of 14 years with a balloon at maturity. The loan carries a base interest rate plus 2.50% margin during construction and 2.25% margin during the operational phase.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in the aggregate) for a further 10 years. The contract value based on the initial production period of 15 years is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The FPSO will be turret moored with a new built hull based on BW Offshore's RapidFramework® design. Initial gas production from the FPSO is expected during the first half of 2025.
escveritas
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Re: Barossa FPSO

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BW Offshore announced Barossa FPSO equity joint venture partnership

10.09.2021

BW Offshore is pleased to announce a partnership with international global infrastructure investors for the equity financing of the FPSO for the Barossa gas field offshore Australia operated by Santos’ subsidiary Santos NA Barossa Pty Ltd on behalf of the Upstream Joint Venture partners.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in the aggregate) for a further 10 years. The contract value based on the initial production period of 15 years is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The FPSO will be turret moored with a new built hull based on BW Offshore's RapidFramework® design. Initial gas production from the FPSO is expected during the first half of 2025.

The Barossa FPSO will be financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion and USD 240 million from the equity joint venture, as well as approximately USD 1 billion in pre- payments by Santos and the Barossa Upstream Joint Venture Partners during the construction period.

The joint venture agreement has been signed by all parties and completion of the agreement is subject to certain customary regulatory approvals which are expected within the next month.

Joint Venture Shareholding
  • BW Offshore Limited - 51%
  • ICMK Offshore Investment Pte Ltd
    (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) - 25%
  • Macquarie Bank Limited - 24%
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