2005 Annual Report - SBM Offshore

Report of the Board of Management
conversion of one of the Stena ‘C’ class vessels, previously
acquired by SBM, at the MMHE yard in Malaysia. Conversion
and topsides engineering is performed in Schiedam in close
cooperation with MISC, whilst the design of the external
turret system is performed at the SBM engineering offices in
Monaco. A joint SBM/MISC project management team is
responsible for the budget and schedule control of the
design, construction and offshore installation phases of the
project. The FPSO is scheduled to be installed offshore,
ready to receive first oil, by the middle of 2007.
The Sanha LPG FPSO, the first new built floating facility
combining the fractionation process of butane and propane,
liquefaction, segregated storage and offloading into export
tankers, started operation offshore Angola in May. After a few
teething problems the LPG production of the unit ramped up
and stabilised during the remainder of the year. The lease and
operate contracts between the field operator Cabgoc, a
Chevron subsidiary, and Sonasing and OPS, two joint venture
companies of Sonangol and SBM, will continue for a period
of eight years.
An aerial view of the MOPU for Turkmenistan beside the quay of the assembly yard in Baku
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In Singapore construction of the FPSO Capixaba, to be used
for the eight year lease contract with Petrobras for the
Golfinho field signed in the second half of 2004, was maintained
on schedule and budget throughout the year. Topsides
engineering and procurement as well as conversion
engineering were executed in Schiedam and engineering of
the complex internal turret system in Houston. The overall
coordination, construction supervision and project management
was directed from Monaco. The FPSO has left
Singapore under its own power at the end of February 2006
and is due to start operation offshore Brazil in May 2006.
A major challenge in the year 2005 has been the timely
completion of the two units forming the Extended Well Test
system for the three year lease contract with Petronas in the
Caspian Sea offshore Turkmenistan. The Mobile Offshore
Production Unit (MOPU) and the FSO left their respective
construction yards in the United Arab Emirates in September
and entered the Caspian Sea, after passage through the
Volga-Don river and canal system, before the start of the
winter season. Final assembly of the MOPU was performed