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SBM Offshore signs FPSO hull contract on spec

Thursday, 29 Nov 2018

Just as the keel-laying ceremony for its first Fast4WardTM FPSO hull was taking place at Shanghai Waigaoqiao Shipbuilding (SWS) in China, SBM Offshore signed up for a second hull on a speculative basis.

The keel of the first Fast4WardTM FPSO hull was recently laid in Shanghai (Photo: Chris Giles)

The company said that the signing for a second Fast4Ward hull was a signal that its standardised design is winning the confidence of the industry and that the company would be ready when clients come calling. The continuing positive industry outlook was a good indicator, it said, and a catalyst in the move to sign up for a second hull.
Bruno Chabas, CEO, said: “The timing of our Fast4Ward strategy fits in perfectly with the market upturn. We have been preparing for this exact scenario since 2014 and today, we see tangible evidence of how Fast4Ward matches the industry’s need for cost-conscious, standardised solutions which de-risk and accelerate projects. Major players are starting to invest in projects and are seriously considering our game-changing solution, as we saw with our July announcement of an FPSO FEED for the Liza development, which is based on our Fast4Ward programme.”
The first Fast4Ward FPSO currently being built at SWS is designed to produce 220,000 barrels of oil a day with gas treatment capacity of 400 million ft3 a day. SBM Offshore has supplied 34 FPSOs to date and has more than 300 years of cumulative experience in operating its leased fleet of units.