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SBM wins contracts for $1bn Shell Offshore FPSO

SBM wins contracts for $1bn Shell Offshore FPSO
SBM Offshore has been awarded contracts by Shell Offshore to supply and lease a floating production storage and offloading vessel (FPSO) for the Gulf of Mexico.

The FPSO, with an asset value of $1bn, will be the world's deepest disconnectable FPSO when it is deployed at the Stones development in 2,896m of water. The converted suezmax will boast a buoyant turret mooring (BTM) system allowing the unit to weathervane and disconnect in extreme weather, a 60,000 bpd processing facility and storage for 800,000 barrels of crude oil.

The lease of the vessel is for an initial 10-year period and the contracts include up to 20 years worth of options.

The announcement follows on from an Enteprise Frameowrk Agreement signed between Shell and SBM Offshore in March 2012 for the lease and operation of FPSOs and is the first Shell project to award contracts based on the EFA.