SBM Offshore has secured a significant contract extension for its ongoing operations in Angola. This agreement ensures the continued lease and operation of two Floating Production Storage and Offloading (FPSO) vessels. The company will maintain its engagement on Angola’s Block 15, extending the commitment until 2032.
Contract Extension Details
The recently finalized agreement specifically covers the FPSO Mondo and FPSO Saxi Batuque. These vessels are crucial for hydrocarbon production in the region. The extension significantly prolongs SBM Offshore’s presence in a key African energy market.
Vessels and Location
Both the FPSO Mondo and FPSO Saxi Batuque operate within Angola’s Block 15. Block 15 represents an important offshore area for oil and gas exploration and production. SBM Offshore has a long history of operations in this specific block.
Planned Refurbishment and Life Extension
A crucial component of the extended contract involves substantial life-extension and refurbishment work on both FPSO vessels. This maintenance aims to ensure the continued safe and efficient operation of the units. The comprehensive overhaul is scheduled to commence in 2026.
Scope of Work
The refurbishment project will likely involve upgrades to various systems on board the FPSOs. This includes structural integrity, processing equipment, and safety systems. Such work is standard for aging offshore assets to maintain operational reliability.
Implications for SBM Offshore
This contract extension provides SBM Offshore with long-term revenue visibility. Consequently, it strengthens the company’s position in the Angolan energy sector. The agreement underscores the value of maintaining and upgrading existing assets.
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