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SembMarine unit bags FPSO contract from TechnipFMC

SEMBCORP Marine Rigs & Floaters, a unit of mainboard-listed Sembcorp Marine (SembMarine), has secured a contract from TechnipFMC to undertake the engineering, procurement and construction of hull and living quarters for a newbuild floating production, storage and offloading (FPSO) vessel .

The contract with TechnipFMC - a UK-based company that provides complete project life cycle services for the energy industry - includes fabrication and integration of various topside modules, as well as the installation of owner-furnished equipment, SembMarine said in a filing with the Singapore Exchange on Wednesday morning.

The vessel's hull is about 227 metres long and 50 metres wide, with a total oil storage capacity of 800,000 barrels and gas production capacity of eight billion cubic metres per annum, it added.

It is scheduled for completion in the fourth quarter of 2020 and will be deployed at the Energean-operated Karish and Tanin deepwater field developments in the Eastern Mediterranean, about 90 kilometres offshore Israel.

SembMarine said that the contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for the year ending Dec 31, 2018.

SembMarine shares closed S$0.02 or 0.9 per cent down at S$2.21 on Tuesday.