[US GOM] FPSO Turritella (Divested)

Post Reply
escveritas
Site Admin
Posts: 3181
Joined: Sat Aug 29, 2020 5:40 am
Location: Singapore
Contact:
Singapore

[US GOM] FPSO Turritella (Divested)

Unread post by escveritas »

FPSO Turritella is the first project awarded to SBM Offshore as part of the Enterprise Framework Agreement (EFA), signed by SBM Offshore and Shell in March 2012, for the supply of medium and small FPSOs on a lease and operate basis. The FPSO was designed for the Stones project in the US Gulf Of Mexico for Shell.

Image

Contracts with Shell Offshore Inc. are to supply and lease the floating production, storage and offloading (FPSO) vessel for the Stones project in the Gulf of Mexico. The contracts include an initial period of 10 years with future extension options up to a total of 20 years. The FPSO is owned by a joint venture company comprising SBM Offshore (55%), Mitsubishi Corporation (30%) and Nippon Yusen Kabushiki Kaisha (NYK Line) (15%).

At 2,900 metres (9,500 feet), it is the deepest production unit ever installed and the first disconnectable system with steel lazy-wave risers to go into use.
escveritas
Site Admin
Posts: 3181
Joined: Sat Aug 29, 2020 5:40 am
Location: Singapore
Contact:
Singapore

Re: [US GOM] FPSO Turritella

Unread post by escveritas »

FPSO Turritella Purchase Option Exercised by Shell
11 July 2017

SBM Offshore announces that Shell E and P Offshore Services B.V. (Shell) has notified the Company of the fact that Shell is exercising its right under the charter agreement to purchase the FPSO Turritella.

SBM Offshore announces that Shell E and P Offshore Services B.V. (Shell) has notified the Company of the fact that Shell is exercising its right under the charter agreement to purchase the FPSOTurritella. The purchase allows a Shell affiliate to assume operatorship of the Stones development in its entirety, creating additional efficiencies through integration of sub-sea to surface operations and allowing leverage of its optimized Gulf of Mexico organization and infrastructure. The transaction is expected to close in early 2018, which provides for a transition window to ensure a safe and controlled handover of operations.

The company selling the asset is a joint-venture (JV) owned by SBM Offshore with 55% interest, Mitsubishi Corporation with 30% interest and Nippon Yusen Kabushiki Kaisha (NYK Line) with 15% interest. The transaction comprises a total cash consideration to the JV of c. US$ 1 billion. The net divestment proceeds, after taking into account the unwinding of the JV ownership and partner commitments, will primarily be used for project finance redemption and as such will decrease SBM Offshore’s proportional net debt position.

The award winning FPSOTurritella has been on hire since September 2, 2016 and forms an early phase in Shell’s Stones development in the Gulf of Mexico. The Stones development is located in 2,896 meters (9,500 feet) of water approximately 320 kilometers (200 miles) offshore Louisiana in the Walker Ridge area. FPSOTurritella is the deepest FPSO development in the world and has a turret with a disconnectable buoy allowing it to weathervane in normal conditions and disconnect from the FPSO upon the approach of a hurricane.

Shell and SBM Offshore will continue to build on their track record of almost 60 years of cooperation in the oil and gas industry.
Post Reply

Return to “SBM Offshore”

Who is online

Users browsing this forum: No registered users and 3 guests