Errol Jaeger’s Post

⛴️📝 SBM Offshore's CEO, Øivind Tangen, reveals that the company's latest FPSO award for the Jaguar vessel is its first based on a sale-and-operate model, diverging from previous lease-based orders for ExxonMobil Guyana. Tangen highlights the accelerated cash flow from this sale-and-operate model, which will enhance the project's backlog and operational efficiency. The company plans to transfer ownership to the client post-construction, operating the FPSO under a 10-year Operations and Maintenance Enabling Agreement. 💵💪 The sale-and-operate approach aims to streamline cash flow and enhance SBM Offshore's competitive positioning in securing hulls for cost-efficient and eco-friendly FPSOs amid a challenging supply chain landscape. With construction underway, Jaguar marks SBM Offshore's sixth FPSO deployment in Guyana, looking to bolster the country's total oil production to over 1.3MMBL per day.

Saipem Secures $3.7 Billion Contracts for TotalEnergies’ Kaminho Project Offshore Angola (WO) – Saipem has been awarded three new contracts by TotalEnergies EP Angola Block 20, a subsidiary of TotalEnergies, for the Kaminho deepwater project. This project involves the development of the Cameia and Golfinho oil fields, located approximately 100 km offshore Angola. The total value of these contracts is $3.7 billion. Contract Breakdown: 1. Engineering, Procurement, Construction, Transportation, and Commissioning of the Kaminho FPSO Vessel: • This contract covers the full lifecycle of the Floating Production Storage and Offloading (FPSO) vessel, from engineering and procurement to construction, transportation, and commissioning. 2. Operation and Maintenance (O&M) of the FPSO: • Saipem will be responsible for the operation and maintenance of the FPSO for an initial period of 12 years, with a potential extension of 8 years. This contract leverages Saipem’s expertise gained from managing three other FPSOs currently operating offshore Angola. 3. Engineering, Procurement, Supply, Construction, Installation, Pre-Commissioning, and Assistance for the SURF Package: • This contract includes the development of a Subsea, Umbilicals, Risers, and Flowlines (SURF) package. The package comprises approximately 30 km of 8” and 10” subsea flowlines and risers, as well as umbilicals. The associated structures will be fabricated at Saipem’s local yard in Ambriz. Offshore Campaign and Local Involvement: • For the offshore campaign, particularly for the J-lay vessel, Saipem will deploy its FDS (Field Development Ship). • The project will significantly involve the local supply chain for logistics and fabrication activities, enhancing local content and capabilities. This substantial contract win underscores Saipem’s robust capabilities in delivering complex offshore projects and its commitment to leveraging local resources and expertise. The successful execution of these contracts will further strengthen Saipem’s presence in the Angolan offshore market and contribute to the development of Angola’s oil and gas infrastructure.

🚀 More Good News for Suriname's Offshore Oil Development! 🚀 TotalEnergies alongside APA Corporation aims to make the final investment decision (#FID) for the #Suriname Block 58 project by the end of 2024, with first oil production targeted for 2028! 🌍🔧 SBM Offshore has been pre-selected as the preferred bidder for the FPSO vessel contract for Block 58, offshore Suriname. This $9 billion project, featuring the Sapakara South and Krabdagu oil discoveries, is set to produce around 200,000 barrels of oil per day! 🛢️🌊 Key Highlights: ✅ **700 million barrels** of estimated oil reserves. ✅ Significant **economic benefits** for Suriname, including job creation and local business opportunities. ✅ FPSO facilities designed for **zero flaring**, ensuring environmental responsibility. ✅ Engineering efforts led by Yinson and Technip Energies, with SBM Offshore and Modec in competitive bidding. This project marks a significant milestone for Suriname's energy sector. To better understand the scope and impact, check out the ArcGIS Dashboard that effectively visualizes key data points and project progress: https://lnkd.in/eGaFgymF 📊 #OilAndGas #Suriname #TotalEnergies #SBMOffshore #FPSO #Energy #SustainableDevelopment #EconomicGrowth #Engineering #EnvironmentalResponsibility #Block58 #OilProduction Staatsolie Maatschappij Suriname N.V #Staatsolie 🔗 Learn more: [Full Article](https://lnkd.in/ejjvepfT) Sources: World Oil, OE Digital, Titans Energy News, Construction Review Online, Brazil Energy Insight.

Good Weekend FPSOers, great news another #FPSO coming to North of South America in Suriname, TotalEnergies project by SBM Offshore in Block 58. Another fantastic solution #offshore. SBM Offshore is recognized as a #globalleader in #deepwater energy solutions, specializing in #floating #offshore energy solutions across the full product lifecycle. They are known for their expertise in harnessing the energy in and below the world's oceans, aiming to meet society's demand for safe, sustainable, and affordable #energy. @TotalEnergies is a global #multi-energy company that produces and markets energies on a worldwide scale: #oil and #biofuels, #naturalgas and #greengases, #renewables, and #electricity. It's committed to energy that is more affordable, more reliable, cleaner, and accessible to as many people as possible.

The first steel cut for the #FPSO Raia marks the start of the collaboration between Seatrium, MODEC, Equinor, Repsol and Petrobras on the landmark project. #oilandgas #offshore

Interesting article!

Saipem Secures Framework Agreement with bp for Offshore Operations in #Azerbaijan Milan, Italy, July 12, 2024 – Saipem announces a new framework agreement with BP Exploration (Caspian Sea) Limited. The agreement involves a consortium comprising Saipem Contracting Netherlands B.V., BOS Shelf LLC, and BOS Shelf International FZCO. Under this agreement, the consortium will conduct offshore activities in the Caspian Sea using the SCV Khankendi, a cutting-edge subsea construction vessel owned by the Shah Deniz consortium. The total service value, upon request, is approximately $300 million, with Saipem's share at $250 million. Saipem will manage the vessel and provide the crew for marine operations in the Shah Deniz and Azeri-Chirag-Gunashli fields. The three-year agreement, extendable by two years, strengthens Saipem’s long-standing partnership with BP and reinforces its commitment to offshore operations in the region since the 1990s. Read more: https://lnkd.in/gdMNKtRX #Saipem #BPOffshore #AzerbaijanCaspianSea #OffshoreOperations #SubseaConstruction #EnergyPartnership #MarineEngineering #OilAndGasIndustry #ShahDeniz #CaspianSeaProjects #BakuEnergyForum #BakuEnergyWeek

MODEC Reports 657% Year-On-Year Profit Boost In First Quarter MODEC reported US$71 million profit in the first quarter of 2024, a 657.1% increase from the US$9.4 million profit from the prior year quarter. ExxonMobil hired MODEC last year to deliver the Errea Wittu FPSO for the Uaru project offshore Guyana. The order was MODEC’s highest earning engineering, procurement, construction and installation (EPCI) contract in 2023, beating out Equinor’s Raia and Bacalhau. It is expected to be a key contributor to MODEC’s 2024 earnings. Read article here: https://rb.gy/brj57k #MODEC #Guyana #first #quarter #financial #report #Uaru #FPSO #construction #delivery #boost #profits

𝐌𝐈𝐒𝐂, Malaysia's prominent shipowner, in collaboration with its petroleum arm AET, has made maritime history by ordering and chartering out '𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐟𝐢𝐫𝐬𝐭' two ammonia dual-fuel Aframaxes. This groundbreaking move comes as AET sealed shipbuilding contracts with 𝐃𝐚𝐥𝐢𝐚𝐧 𝐒𝐡𝐢𝐩𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐂𝐨. (𝐃𝐒𝐈𝐂), a subsidiary of 𝐂𝐡𝐢𝐧𝐚 𝐒𝐭𝐚𝐭𝐞 𝐒𝐡𝐢𝐩𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 (𝐂𝐒𝐒𝐂). Additionally, 𝐀𝐄𝐓 has inked time charter party contracts (TCP) with PETCO Trading Labuan Company (PTLCL), a Malaysian entity under Petronas, to facilitate the transportation of products worldwide, leveraging ammonia as a cleaner fuel alternative. These ventures signify a significant stride in advancing industry decarbonization efforts and establishing ammonia as a viable fuel for the 𝐦𝐚𝐫𝐢𝐭𝐢𝐦𝐞 𝐬𝐞𝐜𝐭𝐨𝐫. #MISC #AET #ammonia #maritime #shipping #cleanenergy #decarbonization #innovation #Petronas #DSIC #CSSC #sustainability #fueltechnology #industrynews NC: Offshore Energy

MODEC Reports 657% Year-On-Year Profit Boost In First Quarter MODEC reported US$71 million profit in the first quarter of 2024, a 657.1% increase from the US$9.4 million profit from the prior year quarter. ExxonMobil hired MODEC last year to deliver the Errea Wittu FPSO for the Uaru project offshore Guyana. The order was MODEC’s highest earning engineering, procurement, construction and installation (EPCI) contract in 2023, beating out Equinor’s Raia and Bacalhau. It is expected to be a key contributor to MODEC’s 2024 earnings. Read article here: https://rb.gy/brj57k #MODEC #Guyana #first #quarter #financial #report #Uaru #FPSO #construction #delivery #boost #profits