Dutch maritime engineering group SBM Offshore has announced that it has agreed for South Korea's DSME to buy a 30 percent stake in a joint venture to provide offshore oil services in Angola.
Daewoo Shipbuilding & Marine Engineering (DSME) will take a 30 percent stake in the Paenal yard venture, created in 2007 by Angola's state oil firm Sonangol and SBM to provide facilities and other services for Angola's oil and gas industries.
The Paenal yard was created in 2007 by Sonangol and SBM Offshore to provide fabrication facilities for topsides modules and FPSO integration in Angola for the oil and gas industry. Phase I, which consisted of investment in fabrication facilities, a limited quayside and training of personnel, has been completed.
DSME has also signed a letter of agreement with Paenal Joint Venture to perform module and associated FPSO construction and integration works at the Paenal yard for the CLOV FPSO for Total. This contract will enable the start of phase II of the yard development, which foresees investment in completion of the quayside to allow berthing of FPSOs, a heavy lift crane to lift modules on to the FPSO and additional module fabrication facilities, as well as training of personnel.
With the completion of phase II, the yard will be fully ready for FPSO topsides process modules fabrication and integration.
"We are very pleased to welcome DSME as a new partner in the Paenal Joint Venture and believe their construction expertise will strengthen the yard capabilities which will enable an increasing volume of oil and gas project work to be performed in Angola," said Jose Benge, Chairman of Paenal.
The firm did not disclose the monetary value of the deal in Africa's top oil producing country.
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