Sembcorp Marine wins Statoil contract for Engineering, Procurement and Construction of newbuild FPSO’s Hull and Living Quarters

abarrelfullabarrelfull wrote on 30 Oct 2018 22:42

December 6, 2017

Sembcorp Marine Ltd (the “Group”) is pleased to announce that its wholly-owned subsidiary, Sembcorp Marine Rigs & Floaters Pte. Ltd., has secured a US$490 million contract from Statoil Petroleum AS (“Statoil”) on the turnkey Engineering, Procurement and Construction of Hull and Living Quarters for a newbuild floating production, storage and offloading vessel (FPSO).

This contract follows the signing of a Letter of Intent between the two parties, announced on November 10, 2017.

To be deployed at the Johan Castberg field development in the Barents Sea, about 240km from Hammerfest, Norway, the FPSO will have a hull approximately 55m wide and 295m long. It will be self-contained for harsh-environment operation, with living quarters accommodating up to 140 personnel.

The project is scheduled for completion in the first quarter of 2020.

The contract is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the year ending December 31, 2017.

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