Exxon Tries to Put the Worst Behind it With $20 Billion Writedown
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The SINOPACIFIC Shipbuilding Group announced last Friday the signing of a newbuilding contract for (4) SPP35 platform supply vessels (PSV) and a Letter of Intention for (2) large SPP50 PSVs with SLOK Nigeria Ltd. This marks the first time that independently designed offshore supply vessel (OSV) products of SINOPACIFIC direct selling to the African market, signifying the growing maturity and acceptance of the SP brand within the market. Over the past two years, SINOPACIFIC has successfully sold 20 similar vessels.
SINOPACIFIC is one of the world’s largest manufacturers of OSVs having delivered 119 OSVs to the world’s most active offshore oil fields such as the North Sea, West Africa, the Gulf of Mexico and Southeast Asia.
The SPP35 and SPP50 are medium- and large-sized DP2 PSVs with diesel electric propulsion systems and variable frequency power delivery systems. Compared with the design of similar vessels, these two types feature a more reasonable cargo tanks layout, a clear advantage in deck area and loading capacity, and a larger mud and deck loading capacity than any model of its kind. In regards to environmental protection, the design indicators would also meet the requirements of the highest standard of “Clean Ship” classification.
Reportedly, the two newly contracted types will be built at SINOPACIFIC’s Dayang Shipyard.
“Dayang has been focusing on efficiently building bulk carriers. This time, the building of high value-added OSVs is a major strategic initiative taken by SINOPACIFIC to transform and upgrade Dayang in the downturn of the current shipbuilding market,” said Wang Jianding, general manager of Dayang Shipbuilding, “In the future, Dayang will continue to build upon the Group’s design and market advantages to adjust our product mix accordingly, fully leverage our strength in production capacity and manufacturing efficiency, to ensure it to become one of the manufacturing bases which SINOPACIFIC will use to carry out its OSV strategy – leadership in niche market.”
Africa is one of the major oil producing regions in the world and has experienced a rapid growth in oil production in recent years. SLOK is a leading company in the upstream service of oil and gas supply in Nigeria, and also the first African client to order medium- and large-sized PSVs from China. “The cooperation with SLOK symbolizes that we have sufficient advantages and conditions to implement the relevant market strategies in West Africa,” stated Simon Liang, President and CEO of SINOPACIFIC, “We are capable of combining the innovation of business with leading technologies to maintain our leading position in the OSV segment.”
The six vessels are scheduled to be delivered by the end of 2014 and the contract value was not disclosed.
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