Petronas to acquire Turkmen production facilities

Petronas Carigali will exercise its purchase option over the Oguzhan FSO and mobile offshore production unit operating offshore Turkmenistan.

Offshore staff

MONACO --Petronas Carigali will exercise its purchase option over the FSO Oguzhan and mobile offshore production unit operating offshore Turkmenistan.

According to supplier SBM Offshore, the transaction should go through on June 18, generating non-recurring turnover of $51.5 million and a post-tax profit of $30 million.

In its latest quarterly review, SBM points out that there have been no new major FPSO project awards anywhere over the past five months. The company's most recent contract was the overhaul of the FPSOOkha for Woodside Energy and the Cossack Wanaea Lambert Hermes joint venture, signed last December.

Offshore Angola, phase 1 of SBM's joint venture FPSO integration yard with Sonangol should be completed shortly. Phase 2, however, will be delayed following BP Angola's recent decision to postpone the first FPSO award under a call-off frame contract which SBM signed only last August.

Elsewhere, despite the slowdown in recent new LNG projects, SBM is pursuing potential front-end engineering design studies for an LNG FPSO on specific gas fields.

The company is also supplying a MOPUstor jackup platform for Talisman's Yme project in the North Sea. This is currently laid up in its construction yard in Abu Dhabi until work related to design modifications – to comply with Norwegian regulations – is concluded. Production is unlikely to start now before year-end.

05/14/2009

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