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SBM Offshore cuts first steel for Fast4Ward FPSO project

SBM Offshore’s new concept in floating production storage and offloading (FPSO) vessels has finally come to fruition with the cutting of first steel at the Shanghai Waigaoqiao Shipbuilding and Offshore (SWS) shipyard.

The first steel cut for the hull of its standardized Fast4Ward FPSO took place at the yard in Shanghai, SBM Offshore said in a press release.

The Fast4Ward FPSO concept that seeks to deliver standardization, predictability, lower cost and faster delivery, was launched at OTC Houston in 2016. Last August SBM Offshore announced that it was moving forward with its Fast4Ward project on an on-spec basis with a contract for its first new-build, multi-purpose hull with China Shipbuilding Trading Company (CSTC) and SWS.

“As our concept becomes reality, we demonstrate our commitment to this game-changing project that provides further predictability and added value for our clients. We are happy with the progress on our cost-effective solution for future FPSO projects. In an industry that more than ever needs performance in a lower-for-longer oil price environment, SBM Offshore brings a competitive edge to the table with Fast4Ward,” said SBM Offshore China md Bernard van Leggelo.

Having delivered 34 FPSOs to date, combined with over 300 years cumulative experience in operating its lease fleet, SBM Offshore is capitalizing on this experience through its standardization Fast4Ward programme. SBM Offshore has a proven track record of FPSO deliveries and reliable, consistent uptime.

FPSO projects are complex and have previously often been fraught with cost overruns and completion delays. China yards have only quite recently been taking on these relatively high-end projects.

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