Yangtze River may win its first FPSO order

2012-12-04 09:00

China's large private enterprise, Jiangsu Yangzijiang Shipbuilding Co., Ltd., is about to sign a contract for the construction of a newly designed FPSO (Floating Production Storage and Offloading vessel).
  Recently, a Letter of Intent (LOI) contract regarding the FPSO was signed with SSP Offshore, a company based in the United States, after which detailed design and engineering projects commenced.
  Paul Illingworth, CEO of SSP Offshore, stated that thanks to this LOI contract with Yangzijiang Shipbuilding, the construction time of the company's first FPSO project is expected to be significantly shortened.
  It is understood that SSP has developed and holds the patent for the "SSP FPSO" design, which is being actively marketed. It is capable of producing, storing, and offloading crude oil and natural gas.
  The "SSP FPSO" has a maximum daily crude oil production capacity of 80,000 barrels and a maximum storage capacity of 2 million barrels.