Dutch firm SBM Offshore has signed an agreement with China’s Waigaoqiao Shipbuilding yesterday for the construction of a second FPSO hull as part of the company’s Fast4Ward program.
The construction of the hull will start in January and complete in 24-30 months.
SBM Offshore has previously ordered a FPSO hull with options to build another four at Waigaoqiao last year.
In an earlier statement, SBM Offshore CEO Bruno Chabas said the FPSO market recovery was accelerating on the back of industry fundamentals and the investment on the new FPSOs was required to secured future production.
“SBM Offshore is uniquely positioned to benefit from the current upturn. The most economically attractive deepwater developments require high production capacities, which can benefit most from shorter cycle time to first oil, combined with larger and more complex processing capacities. Fast4WardTM facilitates this goal, lowering costs and providing a reliable execution plan,” said Chabas.