Shell buys Gulf of Mexico FPSO Turritella for $1bn

Royal Dutch Shell is buying the FPSO vessel Turritella from a joint venture (JV) led by SBM Offshore for $1bn cash.

In buying the vessel the Dutch supermajor is effectively taking over complete operatorship of the Stones development in deep-water Gulf of Mexico.

Stones lies about 200 miles off Louisiana in the Walker Ridge area in about 9,500 feet water depth. Turritella is the deepest FPSO in the world.

The deal is being made through Shell subsidiary Shell E&P Offshore Services, which is exercising its right to buy from the JV which comprises Netherlands-based SBM Offshore (with a 55% stake) and Japanese pair Mitsubishi Corp (30%) and NYK Line (15%).

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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