The first dry dock session has been completed, and activities are now under way on conversion of the hull, module fabrication and package delivery.
In Guyana, the current focus is on preparations for operations readiness and investigating ways of maximizing local content. ExxonMobil has commissioned the FPSO for itsLiza development in Guyana’s Stabroek block.
As for other current SBM programs, first steel has been cut at Drydock World in Dubai on Equinor’sJohan Castberg FPSO turret mooring system. Delivery is scheduled for early 2020.
A previous SBM-supplied floater, the FSO Yetagun offshore Myanmar, has been decommissioned and will be sold for recycling.
The company also revealed that it had settled with the remaining primary insurers and some primary insurers for the newbuild platform for the Yme project in the Norwegian North Sea, which has had to be decommissioned due to structural defects.
SBM’s share in this additional settlement is for $16 million, net of claim related expenses. Under the terms of the settlement agreement, all insurance claim recoveries after expenses and legal costs will be divided equally between SBM and Yme operator Repsol.
The gross total recovery to be shared is currently around $340 million.