[Indonesia] FPSO BW Joko Tole (Divested)

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escveritas
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[Indonesia] FPSO BW Joko Tole (Divested)

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Sembcorp Marine’s Sembawang Shipyard Secures FPSO Conversion And Upgrading Contracts Worth S$75 Million

Singapore, September 28, 2010: Sembcorp Marine’s Sembawang Shipyard has secured two FPSO contracts worth S$75 million, reinforcing its reputation as a world-leading shipyard for highly specialised FPSO and offshore conversion and upgrading work.

The two contracts are as follows:

Conversion of BW Genie to Floating Production Unit (FPU) from BW Offshore

The first contract is awarded by BW Offshore, one of the world’s leading FPSO contractors and a market leader with advanced offshore loading and production systems for the oil and gas industry.

The contract calls for the conversion of a 97,172 dwt tanker BW Genie into a Floating Production Unit (FPU). Major conversion works include repairs and life extension for the vessel to operate for another 20 years. The FPU will be installed in the field through a new 12-point mooring system. The Shipyard’s scope of work also includes detailed engineering and fabrication works, the installation of new power generation plants, boilers, and owner-furnished 8 (eight) new topside modules. The Shipyard will also fabricate and install a new helideck and flare tower as well as refurbish and upgrade the accommodation facilities.

The vessel is expected to be re-delivered to the owners in 4th quarter 2011. On completion, the FPU will be stationed at the Terang Sirasun Batur field in offshore Indonesia.

Upgrading of FPSO Glas Dowr from Bluewater Energy Services B.V., The Netherlands

The second contract is the upgrading of FPSO Glas Dowr from Bluewater Energy Services B.V., the Netherlands. The Shipyard’s scope of work includes repairs and life extension for the vessel to operate for another 10 years. Major upgrading work includes the upgrading of the existing FPSO internal turret mooring and transfer systems. The marine, utility, electrical and communication, safety, control, monitoring, and production systems will also be upgraded. The vessel is expected to be re-delivered to the owners in 2nd quarter 2011 for deployment in the Kitan field in the Timor Sea.

Bluewater Energy Services B.V. is one of the world’s leading owners and operators of tanker-based production and storage systems and is a leading provider of innovative Single Point Mooring systems.

Sembawang Shipyard was awarded these important contracts on the strength of the Shipyard’s capabilities and established track record in the highly specialised and sophisticated field of FPSO offshore conversion, modification and upgrading work. The Shipyard’s key strengths in project management skills, high Health, Safety, Security and Environment (HSSE) standards, proven Engineering, Procurement and Construction (EPC) expertise and strong organisational capabilities have made the Shipyard the preferred partner of both BW Offshore and Bluewater Energy Services B.V.

The above contracts are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2010.

About Sembawang Shipyard Pte Ltd

Sembawang Shipyard, a wholly owned subsidiary of Sembcorp Marine, has one of the largest integrated ship repair facilities in Southeast Asia. The shipyard’s world-class reputation is based on the company’s commitment to high quality standards, Health, Safety and Environment standards, timely delivery, superior customer service and innovative solutions.

Besides its proven expertise in the sectors of tankers, bulk carriers and container / cargo vessels, the shipyard is also recognised as a specialist in the niche markets such as LNG carrier repairs, passenger ship conversion / upgrading, FPSO conversion, offshore conversion and newbuilding, damage repairs and repair of chemical tankers, liquefied gas carriers and navy ships.
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Re: FPSO BW JOKO TOLE

Unread post by escveritas »

Longitude was contracted by BW Offshore to provide the full range of naval architecture and structural engineering service for the detailed design of the conversion of a tanker to a Floating Production Unit (FPU) for operation in Terang Sirasun Batur, offshore Indonesia. The vessel was considered a FPU, but also has a storage and offtake capability for produced condensate.

Facts and Figures:

235m Vessel LBP
42m Vessel Breadth
12-points spread mooring system
ABS Class
Engineering scope:

Longitude’s involvement with the project started as soon as the donor tanker hull arrived at the anchorage in Singapore, with a team mobilized to the vessel for a detailed inspection and familiarization of the vessel.

Conversion engineering scope, covered the in-place analysis of the unit as well as transportation of the unit to site. Site specific analysis included the motion analysis of the FPU whilst moored at site, intact and damage stability and an ISE/TSA hull global strength assessment using FEMAP software.

In addition to the hull engineering, Longitude provided designs for the topsides equipment supports (module weighing up to 900 tonnes each), a new Helideck, Flare Tower, crane pedestal and boom rest, 12 new chain stoppers, a new offloading platform and a new Riser and Umbilical I-tube balcony, all including the foundation and interface with the deck. In providing these designs, strength and fatigue analysis and construction drawings were provided. In all cases full ABS approval of the analysis and drawings was obtained

Throughout the project, Longitude’s engineers were able to provide general support to BW Offshore project management team and fabrication support to Sembawang Shipyard to ensure the success of the project.

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escveritas
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Re: FPSO BW JOKO TOLE

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Agreement to divest the FPSO BW Joko Tole
24.01.2022


BW Offshore has today signed an agreement for the sale of the FPSO BW Joko Tole to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The transaction is part of BW Offshore’s strategy to transition to floating energy infrastructure investments.

The sale will free up over USD 50 million of liquidity, comprising of net sale proceeds of USD 42.5 million and the release of USD 9 million of working capital upon closing. There is no debt attached to the FPSO. The Company expects to book a loss from the transaction of around USD 23 million and a tax expense of approximately USD 12 million from the write-down of a related deferred tax asset. These non-cash items will be recorded in the accounts for the fourth quarter of 2021.

“The transaction follows our strategy of optimising value from the non-core FPSO fleet, which includes divesting assets with marginal contracts close to end of the firm period, while progressing our transition to floating energy infrastructure investments,” said Marco Beenen, the CEO of BW Offshore. “We are pleased that the BW Joko Tole has found a new owner with a strong local connection which will continue to operate the unit in Indonesia.”

The transaction is subject to customary conditions precedent with closing expected late in the first quarter of 2022.
BW Offshore will provide transition services for a period of up to four months after closing to ensure safe and uninterrupted transfer of operations including the local organisation operating the FPSO to the new buyer. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia.
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Re: FPSO BW JOKO TOLE

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Contract extension for BW Joko Tole

With reference to stock exchange release dated 24 January 2022.

BW Offshore has received a one-year contract extension for the lease and operation of the FPSO BW Joko Tole.

As previously announced, BW Offshore has entered into an agreement to divest the FPSO. The transaction is expected to close late in the first quarter of 2022. The sale will free up over USD 50 million of liquidity on closing. BW Offshore will provide transition services for a period of up to four months after closing to ensure safe and uninterrupted transfer of operations including the local organisation operating the FPSO to the new buyer.

BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia.
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Re: FPSO BW JOKO TOLE

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escveritas
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Re: FPSO BW JOKO TOLE

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Closing of the divestment of BW Joko Tole
03 June 2022

With reference to the stock exchange release dated 24 January 2022.

BW Offshore has closed the transaction for the sale of the FPSO BW Joko Tole to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia.
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