United Arab Emirates-based yard Drydocks World has penned a contract with Malaysian floater operator Yinson to upgrade the floating production storage and offloading (FPSO) vessel set to operate for Brazil’s Enauta at Atlanta field in the Santos Basin.
The 18-month project will see Drydocks World upgrade, refurbish, and convert the 1989-built FPSO OSX 2, with delivery scheduled for the third quarter of 2023.
Capt. Rado Antolovic, CEO of Drydocks World said: “Signing a contract for this prestigious project reflects our proven technical capabilities and track record. Our expertise in refurbishment, conversion and upgrading FPSO vessels allows us to support Yinson in its commitment to improving global access to stable energy sources.”
In February, Enauta completed the purchase of the vessel and firmed up its deal with Yinson, which included adaptation and operations and maintenance for 24 months. The acquisition and adaptation cost will be around $500m. Yinson will have an option to purchase the unit before the commencement of production, linked to a financing plan. If the option is exercised, it will be linked to charter, operation, and maintenance contracts for 15 years, which may be extended for another five years, totaling $2bn for the 20 years.