FPSO OSX-1
FPSO OSX-1, the first floating production, storage and offloading vessel in OSX’s fleet, has concluded its conversion in Singapore and set sail for Brazil. The journey is estimated to take 40 to 50 days.
The FPSO OSX-1 is commissioned to produce the first oil for our client OGX Petróleo e Gás Ltda. (OGX), which is expected to start oil production during the fourth quarter of 2011. Chartered by OGX for a period of 20 years at an average day rate of US$ 263,000, FPSO OSX-1 will be employed in the Waimea accumulation, in the Campos Basin. “Last week, I participated with OSX’s and OGX’s teams in the sail-away ceremony of FPSO OSX-1 in Singapore, symbolizing the official delivery of the unit, which is an important achievement for both companies,” said Carlos Bellot, OSX’s Leasing and Chief Operation Officer.
FPSO OSX-1 was built by the Samsung shipyard in Korea, and was customized to meet the technical specifications required by OGX and Brazilian law in the Keppel shipyard, in Singapore, which carried out the construction, modification and upgrade of the modules located on the hull, known as the “topside”. Both shipyards have a strong reputation for carrying out these activities.
“For OSX, receiving the FPSO OSX-1 means the beginning of a routine that will be repeated dozens of times from now on: OSX delivering FPSOs and WHPs for production of oil and gas by our client OGX, and by other companies dedicated to making real the oil discoveries that Brazil has been conquering,” concluded Luiz Eduardo Guimarães Carneiro, OSX’s Chief Executive Officer.
OSX Brasil Receives USD 850 Million loan for FPSO OSX-2
OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2.
The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC.
OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2. The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC.
The general conditions of the loan are: average interest of Libor rates + 4.41 % p.a.; 12-year tenor from the date of the execution of the contract; grace period for principal payment during the construction and installation period; quarterly interest, to be financed during the grace period; and straight-line amortization, until the 12th year, commencing three months after the start of oil production by the unit.
This unit will be built pursuant to the EPCI definitive contract signed in April 2011 between OSX 2 Leasing B.V. and Single Buoy Moorings Inc. (SBM), a world leader in the offshore oil and gas industry. The FPSO OSX-2 will have oil production capacity of 100,000 bopd and storage capacity of 1,300,000 bbls. The FPSO OSX-2 will be chartered by OGX for a period of 20 years, and its final destination will be the Waimea accumulation, in the Campos Basin. Production of first oil is expected mid-2013.
“The financing for OSX-2 under the negotiated conditions, and considering the current credit scenario of the global economy, reaffirms the solidity and consistency of OSX’s projects. This negotiation reinforces the substantial relationships that OSX has been building with important global financial institutions. We are very pleased with this additional milestone reached by our Company, which enables the timely completion of the construction of OSX-2”,
2 new FPSO for OSX fleet are OSX2 and OSX3. The responsible companies for the engineering, procurement, construction, mobilization, installation, and commissioning of the FPSO are SBM and Modec. The builds mainly are conducted in Singapore, and Korea. In Singapore, building in Dyna-mac Ltd yard and Keppel Ltd (Benoi).
SBM to Build FPSO for OSX 29.03.2010
OSX a signed letter of intention with SBM for the EPCI of the FPSO OSX-2, a production unit that will be installed by OGX in the Campos Basin.
The contract for construction of the unit is estimated at US$ 775 million and the first oil is scheduled to start the flow for commercial purposes in 2013. The FPSO OSX-2 will have the capacity to produce 1.3 million bopd and to store 1.3 million barrels.
The unit will be leased to OGX for a daily rate of US$ 290,000 for 20 years. The conversion deadline once the contracts are signed is 36 months.
OSX-2 build plan
The OSX-3 FPSO will be utilized within block BM-C-39 of the Campos Basin, offshore Brazil, on the Waikiki Pero Inga fields.
The FPSO will be moored in approximately 110 meters water depth, have a storage capacity of 1.3 million barrels, be capable of processing 100,000 BOPD of heavy oil from the Campos Basin reservoir, generate approximately 60 MW of power, and provide for 150,000 BWPD of seawater treatment and injection.
MODEC is responsible for the engineering, procurement, construction, mobilization, installation, and commissioning of the FPSO, including topsides processing equipment, hull and marine systems, and the external turret mooring (designed and constructed by its subsidiary, SOFEC).
The complete unit will be delivered to OSX in Brazilian waters in the third quarter of 2013, with a First Oil target of late September 2013.
Petrobras PBR stock price 9/2/2012
Brasil Petrobras
Petroleo Brasileiro SA Petrobras (Petrobras) is a Brazilian integrated oil and gas company. It operates in five segments: exploration and production; refining, commercialization and transport of oil and natural gas; petrochemicals; distribution of derivatives, electrical energy, biofuels and other renewable energy sources. Directly or through its subsidiaries, Petrobras is engaged in the research, extraction, refining, processing, commercialization and transport of oil from wells, shales and other rocks, its derivatives, natural gas and other liquid hydrocarbons, as well as in activities related to energy, promoting research, development, production, transport, distribution and commercialization of all forms of energy. As of December 31, 2010, it had 132 production platforms, 16 refineries, 291 vessels, 29,398 kilometers of pipelines, six biofuel plants, 16 thermoelectric plants, one pilot wind farm, 8,477 service stations and two fertilizer plants, as well as presence in 30 countries.
SBM Offshore
SBMO NV stock price 9/2/2012
SBM Offshore NV is a Netherlands-based company engaged in the design and provision of offshore energy systems on a lease or sale basis to the oil and gas industry. The Company's activities include engineering, supply and offshore installation of floating facilities for the production, storage and export of crude oil and liquefied natural gas, such as floating production storage and offloading systems, floating storage and offloading systems, tension leg platforms, monohull and semi-submersible floating production units, as well as self elevating mobile offshore production units. The Company also enters into turnkey supply contracts for crane vessels, pipelay barges and drilling units. Its specialized services include maintenance, spare parts, repairs and offshore installation. The Company has four main project execution centers located in the Netherlands, Monaco, the United States and Malaysia, and operates subsidiaries, such as Gusto B.V. and Single Buoy Moorings Inc, among others.
MODEC
MODEC INC, stock price 9/2/2012
Founded in 1968, MODEC is a general contractor specializing in engineering, procurement, construction and installation of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters.
MODEC provides Floating Production System operation and maintenance services around the world.
MODEC is headquartered in Tokyo, Japan and three main offices are located in Tokyo, Houston and Singapore. MODEC has regional offices in Angola, Australia, Brazil, China, Cote d'Ivoire, Ghana, Mexico, and Vietnam.
MODEC has some 2,500 employees with citizenship from more than 25 countries.
MODEC holds 51% of the shares in SOFEC, Incand 20% of the shares in Cameron Japan Ltd.
MODEC, Inc. is traded on the Tokyo stock exchange under the symbol 6269.
MODEC, INC. is a Japan-based company that is involved in the floating offshore oil and gas production facility business. The Company designs, constructs, installs and sells floating offshore oil and gas production facilities, including floating production, storage and offloading systems (FPSOs), floating storage and offloading systems (FSOs) and tension leg platforms (TLPs), to oil developers. The Company is also engaged in the leasing of its products, the provision of operation services, as well as the provision of charter services encompassing leasing and operation services. The Company also provides post-sale services, encompassing the provision of parts for the Company's facilities and engineering support services. As of December 31, 2010, the Company had 28 subsidiaries and 12 associated companies.
DYNA-MAC Holdings Inc. (DMHL.SI)
Dyna-mac, stock price 9/2/2012
Dyna-Mac Holdings Ltd., formerly Dyna-Mac Holdings Pte. Ltd., is a multi-disciplinary specialist provider of detailed engineering, procurement and construction services to the offshore oil and gas, marine construction and other industries. It has two segments: Module Business, which involves detailed engineering, procurement and construction of topside modules for floating production, storage and off-loading (FPSO) and floating storage and offloading (FSO), and Ad Hoc Projects, which includes detailed engineering and fabrication services for specialized structures for semi-submersibles and sub-sea products, such as manifolds and buoys. It also includes fabrication of heavy steel or mechanical structures, including material handling equipment, process piping and tanks for various types of petrochemical and pharmaceutical plants and any other modular construction (other than topside modules for FPSO and FSO)
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