Continental Focus, International Reach

Fast4Ward™ Gaining Speed

Thursday, November 22, 2018

Fast4Ward™ gaining speed – SBM Offshore signs for hull #2 as keel is laid for hull #1

November 21, 2018

Coinciding with the keel laying ceremony for its first Fast4Ward™ FPSO hull, SBM Offshore signs the contract for a second hull with SWS shipyard in Shanghai, China.

With the signing for this second hull in its planned series of Fast4Ward™ FPSOs, SBM Offshore is signaling to the industry that it means business and its game changing solution is on track and ready for when clients come calling. The level of client endorsement to date demonstrates that the concept is winning the confidence of the industry.

Although there is no concrete EPC contract for this second hull, the Company views the continuing positive industry outlook as a good indicator, hence the move to sign with SWS for a second floater. Parallel projects for Fast4Ward™ are now in motion at the yard.

SBM Offshore CEO Bruno Chabas said,

“The timing of our Fast4Ward™ strategy fits in perfectly with the market upturn. We have been preparing for this exact scenario since 2014 and today, we see tangible evidence of how Fast4Ward™ matches the industry’s need for cost-conscious, standardized solutions, which de-risk and accelerate projects. Major players are starting to invest in projects and are seriously considering our game-changing solution, as we saw with our July announcement of an FPSO FEED for the Liza development, which is based on our Fast4Ward™ program.”

The contract signature ceremony took place at SWS shipyard on November 21, 2018, with representatives from SBM Offshore, including Bruno Chabas (CEO), Bernard van Leggelo (China Managing Director) and Srdjan Cenic (General Manager China), as well as Mr. Lei Fanpei, Chairman of board of CSSC and Mr. Wang Qi, Chairman of board of SWS.

Construction update on hull #1

The keel-laying ceremony marks a major step in the engineering, procurement and construction (EPC) phase for the new build vessel. It follows the first steel cut milestone in March. The FPSO is designed to produce 220,000 barrels of oil per day and will have associated gas treatment capacity of 400 million cubic feet per day, as well as water injection capacity of 250,000 barrels per day. The Fast4WardTM concept capitalizes on the Company’s unique experience in project delivery (34 FPSOs to date) combined with over 300 years’ cumulative experience in operating its lease fleet.