Stay Connected

Local content issue could affect strong floater market

Offshore staff

ANTWERP, Belgium – FSO provider Euronav says big challenges lay ahead for the floating production sector.

Fields in deepwater and remote regions require ever-more advanced technologies, with FSO and FPSO demand driven largely by countries in Latin America and West Africa.

Local content requirements in those areas can be strict, with construction companies under increasingly pressure to create employment opportunities for the local workforce. Over the short-to-medium term, Euronav says, this may impact capital cost and timescales for FSO and FPSO developments.

Despite these factors, the floating platform market is set to remain one of the strongest offshore sectors through to the end of the decade. Plus, with an increasing amount of floating production investment being directed away from the traditional Latin America and West Africa markets, Euronav adds, there could be an interesting change in dynamics within the sector.

The company is a participant in TI Africa, owner of FSO Africa, which was granted a new five-year contract by Maersk Oil to continue supporting operations on the Al Shaheen field offshore Qatar.

The contract, which started last October, includes an option for a one- or two-year extension. It also extends to Maersk Oil use of the vessel’s full capacity and functionality against an increase of the daily hire earned in each contract year, equal to the daily hire rate currently earned on the same field by sister vessel FSO Asia.

3/22/2013

Related Articles

Kosmos to drill deepwater Eagle offshore Morocco

Nov 21, 2013

Kosmos Energy has provided an update on its plans for the Foum Assaka permit offshore Morocco following its recent farm-out agreement with BP.

Mad Dog Platform. Photo courtesy BP

BP adds two drilling rigs in deepwater Gulf of Mexico

Nov 20, 2013

BP has added two drilling rigs to the deepwater Gulf of Mexico, bringing its fleet there to a company record of nine rigs.

Trending News

Thailand plans Feb auction including offshore petroleum concessions

Oct 23, 2014

Thailand will host a new auction round next February for petroleum concessions on 29 onshore and offshore blocks.

InterMoor completes two projects for COOEC offshore China

Oct 23, 2014

InterMoor, an Acteon company, has completed two offshore projects for China Offshore Oil Engineering Corp. (COOEC) in the Pearl River Mouth basin Panyu and Enping 24-2 fields of the South China Sea.

DNV GL releases next-generation Phast software

Oct 23, 2014

DNV GL’s latest version of Phast software for process industry hazard analysis has added features aimed to increase efficiency, improve the understanding and communication of results, and support rapid decision-making.  

GDF Suez, BP confirm two-block North Sea discovery

Oct 23, 2014

GDF Suez E&P UK and BP have a new discovery in the UK central North Sea.

FMC subsea equipment to tie in Laggan-Tormore satellites

Oct 23, 2014

Total has contracted FMC Technologies for subsea systems for the Edradour and Glenlivet fields in the UK’s west of Shetland area.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

View more Job Listings >>