Prosafe lets VLCC conversion contract to Keppel

Eric Watkins
Senior Correspondent

LOS ANGELES, Nov. 28 -- Norway's Prosafe Group awarded Keppel Corp. subsidiary Keppel Shipyard a $100 million contract to convert a very large crude carrier into the world's first floating, drilling, production, storage, and offloading facility (FDPSO).

Under terms of the agreement, Keppel will convert the VLCC into an FDPSO with a moonpool for drilling purposes, and an oil-drilling derrick. The facility is expected to be ready by yearend 2008.

The converted FDPSO will have a production capacity of 40,000 b/d of oil and a storage capacity of 1.3 million bbl. Its compression capacity will be 18 MMscfd of gas.

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