Rubicon Intrepid

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escveritas
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Rubicon Intrepid

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Notice of Termination of Lease on FPSO Rubicon Intrepid

On March 25, 2020, the Rubicon Offshore International (ROI), owner of the Floating Production Storage Offloading (FPSO) tanker, gave a Notice of Termination to GPC1 and other members of the Consortium. The termination notice covered the period 25 March 2020 to 24 September 2020, or for 6 months.

After receipt of the Notice of Termination, GPC1 started making plans for the disconnection of the FPSO from the Galoc Oilfield site. However, the FPSO disconnection was not implemented or carried out because a new strategy was developed to continue production operations in the Galoc Oilfield.

Continuation of Production Operations: During Transition Period from August 2020 to January 2021

Upon the initiative of the GPC1, an alternative strategy was developed to continue production operations even before the end of the Termination Notice.

GPC1 brokered the purchase of ROI’s FPSO Rubicon Intrepid by its mother company, Tamarind Resources Pte. Ltd., through a separate entity, Upstream Infrastructure Holdings (UIH). Tamarind Resources will have full control of the FPSO. The purchase was effective August 1, 2020.

GPC1 also arranged a new bareboat charter between UIH and the Galoc Joint Venture at minimal rates.

During the 6-month Transition Period, the FPSO Rubicon Intrepid will remain at the Galoc Oilfield location and continue production from the Galoc oilwells. A separate Operations & Management (O&M) contract has been negotiated with ROI for the 6-month Transition Period.

ROI senior management staff, FPSO crew, and production technicians will continue to carry out operations of the FPSO Rubicon Intrepid.

Continuation of Production Extension Period: February 1, 2021 – September 30, 2022

To further continue production operations in the Galoc Oilfield beyond the 6-month transition Period, a new alliance was formed with Three60 Energy, an established international offshore operator. Three60 Energy is an independent specialist service provider with headquarters in Aberdeen, Scotland and has branch offices in Kuala Lumpur, Malaysia and Singapore. It has been engaged to provide the Operations and Management (O&M) of the FPSO for 18 months.

UIH and Tamarind Resources will continue to supervise the operations of ROI and Three60 Energy. GPC1’s FPSO Operations Advisor has been mobilized to assure and control the activities and work force of ROI and Three60 Energy

TAMARIND ACQUIRES GALOC FIELD FPSO

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To progress Tamarind’s strategy of improving performance from under-exploited fields via operational excellence, now even more critical given the continued volatility and downturn in world oil prices, the Tamarind team has continued to look at innovative ways to maintain oil field profitability. To achieve this, Tamarind has acquired the FPSO Intrepid from its O&M provider Rubicon. In turn, Tamarind is leasing the FPSO Intrepid to the Galoc Joint Venture on terms that are mutually beneficial to both parties and most importantly, enable the Galoc JV to continue production and the economic life of the Galoc field.
escveritas
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Re: Rubicon Intrepid

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GALOC FIELD RE-INVIGORATES OPERATIONS WITH THREE60 ENERGY AS O&M CONTRACTOR

5/2/2021

Tamarind Resources in a press release on 5th February 2021 said that the Galoc Field in offshore NW Palawan awarded a multi-million dollar contract for the Operations & Management of the FPSO Intrepid to THREE60 Energy. As reported previously, Rubicon Offshore International (ROI) sold the FPSO Intrepid to Tamarind’s Upstream Infrastructure Holdings Pte Ltd (UIH) consistent with Tamarind’s resolve to optimize operational efficiency across the business. In turn, Tamarind is leasing the FPSO Intrepid to the Galoc Joint Venture (JV) on terms that are mutually beneficial to both parties.

Under the terms of the life of field contract, THREE60 Energy will carry out operations and maintenance (O&M) duties on behalf of the Galoc JV, with the objective of improving performance and extending the field’s economic life.

​​As well as generating further local employment opportunities, the Galoc JV will benefit from the international expertise and competency of THREE60 Energy especially in managing late field life operations.
escveritas
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Re: Rubicon Intrepid

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THREE60 Energy awarded first international duty holder contract for Galoc Field FPSO

Three60 Energy in a press release on May 17th 2021 said that they had been awarded a multi-million pound contract for the provision of Duty Holder O&M services to the FPSO Intrepid, currently producing from the Galoc Field, located offshore Palawan Island in the Philippines.

Under the terms of the life of field contract, THREE60 Energy will carry out operations and maintenance (O&M) duties on behalf of the Galoc Joint Venture (JV), with the objective of improving performance and extending the field’s economic life.

As well as providing ongoing O&M services, our team will also support integrity, engineering, procurement, construction and decommissioning activities for the project, which marks the first Duty Holder O&M services award for THREE60 Energy outwith the UK North Sea.

The award will lead to the creation of 15 jobs across the UK, Phillipines and Malaysia, all part of THREE60 Energy’s plans to add 50 new staff members to its team globally over the next 12 months, in response to growing demand for its services.

Walter Thain, CEO of THREE60 Energy, said: “To have been selected to operate and maintain the FPSO Intrepid, our first international Duty Holder O&M services award, is a really important strategic milestone for the business.

“As well as providing important recognition of our growing reputation for, and competence in, the provision of O&M services, it also highlights the increasing demand we are seeing for our wider late life asset management capabilities, leadership experience and passion for differentiated, safe delivery – both for ongoing operations and future decommissioning activities. We are looking forward to partnering with the Galoc JV to deliver safe and efficient outcomes within the international market.”
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