SembMarine signs LoI to construct & integrate Shell Offshore’s Vito FPU

SembMarine signs LoI to construct & integrate Shell Offshore’s Vito FPU

By: 
Michelle Zhu
05/12/17, 06:00 pm

SINGAPORE (Dec 5): Sembcorp Marine’s wholly-owned subsidiary, Sembcorp Marine Rigs & Floaters, has signed a letter of intent (LoI) with Shell Offshore for the construction of the hull and topside of, as well as the integration of, a single topside module known as the Vito floating production unit (FPU).

See: Positive news for SembMarine if $1.7 bil Shell Vito project win is true

The final contract award will depend on the project being sanctioned by Shell and its partners.

The Vito FPU is supported by a four-column submersible floating hull, and will be designed with a throughput capacity of 100,000 bpd of oil and 100 MMSCFD of gas.

In a Tuesday filing, SembMarine says that should the project move forward, the Vito FPU will be a new facility located in the Mississippi Canyon approximately 150 miles south of New Orleans, Louisiana, US, in a water depth of 4,050 ft.

It does not expect the LoI to have a material impact on the group’s net tangible assets (NTA) and earnings for the year ended Dec, 2017.

Shares in SembMarine closed 1 cent lower at $1.91 on Tuesday. 

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