Ocean Yield confident of finding work for FPSO

Ocean Yield has seen increasing interest from oil companies for its FPSO Dhirubhai-1 after the vessel completed a 10-year contract with Reliance Industries in India.

According to Ocean Yield, Reliance Industries has not exercised the option to purchase the FPSO and there are still certain outstanding contractual disagreements and outstanding payments between Reliance Industries and the company.

Ocean Yield says it has also been awarded a FEED study for the potential use of the FPSO, which is estimated to be completed during the fourth quarter of this year.

“The FPSO Dhirubhai-1 has during the 10-year contract with Reliance Industries had excellent operational utilization and has been maintained to a very high standard. Based on an improved outlook for the FPSO market, we are optimistic that we will be able to find a satisfactory solution for the unit,” said Lars Solbakken, CEO of Ocean Yield.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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