16 Apr 2011

FPSO PSVM Set for BP’s Angola Development Offshore West Africa after Milestone Conversion in Jurong Shipyard

Singapore, 16 April 2011: FPSO PSVM, one of the world’s largest Floating Production Storage and Offloading vessels successfully converted by Sembcorp Marine’s subsidiary Jurong Shipyard for contractor MODEC, is well-poised for its maiden assignment offshore Angola for owners BP Exploration (Angola) Limited and Block 31 partners.

Equipped with one of the biggest external turrets ever constructed in the oil industry and topside modules of over 20,000 tonnes, the FPSO PSVM is destined for the Plutão, Saturno, Vênus and Marte (PSVM) Development in Block 31 offshore Angola, the first ultra-deepwater development in West Africa.

Designed for up to 20 years of deployment without drydocking, FPSO PSVM will be installed in water depth of 2,000m and is capable of processing 157,000 barrels of oil per day and 245 million cubic feet per day of production gas with a storage capacity of 1.8 million barrels of oil.

To commemorate the conversion success, FPSO PSVM was named by Lady Sponsor Mrs Ana Maria Martins, the wife of Eng. Gaspar Martins, Executive Director of Sonangol E.P, in a ceremony at Jurong Shipyard on Saturday, April 16, 2011 witnessed by key representatives and stakeholders.

Converted from a Very Large Crude Carrier (VLCC) tanker Ex-Bourgogne, FPSO PSVM is the 19th conversion and upgrading by Jurong Shipyard for MODEC since the FPSO Nan Hai Sheng Li in 1995, and is a testament to the yard’s offshore conversion expertise.

The conversion of FPSO PSVM involved installation of an external turret mooring system and process facilities, which include gas turbine generators, oil separation, gas injection/gas lift and water injection system.

High standards of quality, technical excellence as well as Health, Safety, Security and Environment were achieved by Jurong Shipyard, MODEC and BP for the project, which attained a commendable safety performance of 8.1 million manhours without lost-time incidents.

About BP

BP provides fuel for transportation, energy for heat and light, retail services, and petrochemicals products. Its Exploration and Production segment engages in the oil and natural gas exploration, field development, and production; midstream transportation, and storage and processing; and marketing and trading of natural gas, including liquefied natural gas (LNG), and power and natural gas liquids (NGL). This segment has exploration and production activities in Angola, Azerbaijan, Canada, Egypt, Norway, Russia, Trinidad and Tobago, the United Kingdom, and the United States, as well as in Asia, Australasia, South America, North Africa, and the Middle East.

About MODEC

MODEC is an international general contractor specializing in engineering, procurement, construction and installation of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters. The company also provides Floating Production System operation and maintenance services around the world.

About Jurong Shipyard

Jurong Shipyard, a fully-owned subsidiary of Sembcorp Marine, is a leading shipyard offering integrated services and customised solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering to a worldwide clientele. Jurong Shipyard is a global leader in the EPC conversion of tankers to floating, production, storage and offloading units (FPSOs), floating storage tankers (FSOs) and floating production units (FPU). In addition, the yard has a proven track record in the building and servicing of jack-up and semi-submersible rigs.

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