Dyna-Mac Holdings Ltd, headquartered in Singapore, has secured a contract with a preliminary sum close to US$71.2 million (SGD89 million) for the construction of 10 units of FPSO topsides modules and one unit of flare tower from BW Offshore, a leading global provider of floating production services to the oil and gas industry.
FPSO topside modules
Dyna-Mac’s contract includes preparation of shop drawings and the fabrication of 10 units of topsides modules for an FPSO (floating production, storage and offloading) vessel that will operate at Premier Oil’s Catcher oilfields in the UK sector of the North Sea. The topsides FPSO modules are scheduled to be delivered progressively to the owner within the first quarter 2016.
The Catcher FPSO will be capable of processing up to 60 000 barrels of crude per day and a storage capacity of 650,000 barrels with first oil targeted for mid-2017.
233 topsides modules to-date
Desmond Lim, CEO of Dyna-Mac said “We are pleased to be entrusted once again by our customer BW Offshore to be part of their significant FPSO Catcher project. We are indeed privileged to have the opportunity to continue to contribute to their expansion of the FPSO fleet.
“This latest contract bears testament to our expertise and established track record, having delivered 233 topsides modules to-date. We are committed to build on our partnership with BW Offshore and to meet their stringent standards of quality, safety and reliability.”
Barring unforeseen circumstances, the contract is expected to contribute positively to the earnings, net tangible assets and earnings per share of Dyna-Mac for the financial year ending December 2015.
About the Catcher oilfields
Premier Oil - Catcher from Premier Oil on Vimeo.
The project is expected to produce 96 million boe with a peak production rate of around 50 000 bpd of oil.
The project will entail the drilling of 22 subsea wells (14 producers and eight water injectors) on the Catcher, Varadero and Burgman fields which will be tied back to a leased FPSO. The oil will be offloaded by tankers while the gas will be exported through the SEGAL facilities.
All major service contracts have been awarded and the project is now in the execution phase. First oil is targeted for mid-2017.
Edited from various sources by Cecilia Rehn