30 Jun 2008

Jurong Shipyard Completes Conversion of Dhirubhai-1, India’s First Deepwater FPSO Vessel

Singapore, June 29, 2008: Jurong Shipyard, a wholly owned subsidiary of Sembcorp Marine, has successfully completed the conversion of Dhirubhai-1 Floating Production Storage and Offloading vessel for Aker Contracting FP AS, a subsidiary of Norway’s Aker Floating Production ASA.

Dhirubhai-1, the first Floating Production Storage and Offloading (FPSO) vessel in Aker Floating Production’s new offshore production fleet, was named by Lady Sponsor Mrs PMS Prasad, wife of Mr PMS Prasad, President & Chief Executive Officer of Reliance Industries Limited, in a ceremony at Jurong Shipyard on June 29, 2008, in the presence of key representatives and stakeholders.

The conversion of Dhirubhai-1 from the 188,6967 dwt tanker S.T. Polar Alaska encompassed the installation of an internal turret, three units of 5MW steam turbine generators, three units of 5MV gas turbine generators, process facilities for oil production, crude separation and gas compression.

Scheduled to depart the yard at end July 2008, Dhirubhai-1 will undertake field production work for charterer Reliance Industries Limited at the MA D6 field offshore the east coast of India. First oil is expected in the third quarter of this year. The FPSO is designed to operate for 10 years without drydocking, and is capable of processing 60,000 barrels of oil per day and 15 million cubic meters of gas per day, with a storage capacity of 1.3 million barrels of oil, and a liquid injection capacity of 80,000 barrels of per day.

In his speech during the ceremony, Mr Martinus Brandal, Chairman of Aker Floating Production, said, “We are pleased to celebrate the conversion of Dhirubhai-1, a high quality FPSO which is getting ready to be located at the Indian continent shelf. This project has achieved more than 5 million manhours without lost-time incidents and we would like to thank Jurong Shipyard for the good team-oriented co-operation and the professional work executed.”

Mr PMS Prasad, President & Chief Executive Officer of Reliance Industries Limited, said in his address: “The successful conversion of Dhirubhai-1 has been possible due to the excellent teamwork and diligence of all the various project teams and partners. The naming of Dhirubhai-1, India’s first deepwater FPSO vessel, is a historic occasion. Today we see the fruits of our labour and indeed, we are all ready to set a world record by commissioning India’s first deepwater oil and gas field two years from its discovery."

Mr Wong Weng Sun, Managing Director of Jurong Shipyard, said, “We are pleased to be the preferred yard for the conversion of Dhirubhai-1, the first of the series of FPSOs that Aker Floating Production had envisaged about two years ago. The teamwork and synergy by everyone on the team and our partners has contributed to the success of this project.”

Dhirubhai-1 Floating Production Storage and Offloading vessel converted by Jurong Shipyard is Aker Floating Production ASA’s inaugural FPSO unit in its new fleet of offshore production vessels

About Aker Contracting FP AS
Aker Floating Production, headquartered in Oslo, Norway, was established to own, operate, and charter FPSOs based on conversion of existing tankers. The company has placed orders for three FPSOs to be converted from 190,000 dwt, 1.3 MMbbl tankers, the first being the Dhirubhai-1 FPSO which has been successfully converted at Jurong Shipyard. Designed to provide offshore field operations with a flexible and cost effective production facility, these FPSOs can be rapidly deployed to accelerate production of first oil. These vessels can work in benign shallow and deepwater regions, with the target sectors being West Africa, Southeast Asia, South America, and Mexico.

About Reliance Industries Limited
Reliance Industries is the largest private sector enterprise in India with businesses in the energy and materials value chain. The Group’s activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles and retail. Reliance is among the top five to ten producers in the world in major petrochemical products.

About Jurong Shipyard Pte Ltd
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.