Dalian: The EPC conversion project FPSO P-63, Papa Terra, left the COSCO Dalian yard in China yesterday for its voyage to Brazil with a planned short stop-over in Singapore for refuelling, its operator BW Offshore reported. Estimated arrival in Brazil is in February 2013, where the final integration of the remaining six modules will take place in QUIP's Rio Grande yard. The FPSO is then expected to be installed on the field and commence operation.
The project is costing BW Offshore $75m more than the S375m the Singapore-headquartered firm had initially forecast, something that will impact third quarter results when they are announced on 26 November.
“The additional project costs are mainly linked to increased engineering, construction, procurement and commissioning cost and increased yard costs associated with the delayed schedule,” BW Offshore said. [21/11/12]