Keppel awarded conversion contract for first FDPSO

Prosafe Production Pte. Ltd. awarded Keppel Offshore & Marine Ltd. subsidiary Keppel Shipyard Ltd. a US$69.3 million contract for conversion of very large crude carrier size tanker MT Europe into the world's first floating drilling production storage and offloading facility (FDPSO).

Following the conversion, the FDSPO will have a storage capacity of 1.4 million barrels of oil and a processing capacity of 60,000 b/d of fluids, or 40,000 b/d of oil, and natural gas compression capacity of 18 MMcf/d. Work on the vessel is expected to be complete by late 2008.The FDPSO will have a moonpool to be used for drilling purposes, with drilling package modules and a derrick integrated into the FDPSO. The drilling packages will be provided by Murphy West Africa Ltd., which awarded Norway-based Prosafe the conversion and operation contract for the FDPSO earlier this month. The estimated contract value of the firm period is US$400 million.

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