SINGAPORE (Dec 7): A Sembcorp Marine subsidiary has won a US$490 million ($661 million) contract from Statoil Petroleum AS.
Sembcorp Marine Rigs & Floaters has been tasked to undertake the turnkey engineering, procurement and construction of hull and living quarters for a newbuild floating production, storage and offloading vessel (FPSO).
To be deployed at the Johan Castberg field development in the Barents Sea, about 240km from Hammerfest, Norway, the FPSO will have a hull 55m wide and 295m long.
It will be self-contained for harsh-environment operation, with living quarters accommodating up to 140 personnel.
The project is scheduled for completion in the first quarter of 2020.
The contract follows the signing of a Letter of Intent between the two parties, announced on Nov 10.
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 December 31, 2017.
Shares in Sembcorp Marine closed 3 cents lower at $1.88.