Page 27: of Maritime Reporter Magazine (January 2023)

The Ship Repair & Conversion Edition

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Now, the country’s North Field development project will increase LNG exports by more than 40% from 2025. A large number of new LNG carriers are currently under construction for this vast project.

Meeting Client Expectations

Shipyard sophistication across the region has accelerated to meet customer expectations. Leading yards report a grow- ing volume of projects including conversions, upgrades and retro? ts as owners tackle shipping’s digital and decarboniza- tion challenges. Regular surveys and drydockings still provide foundation business, but more complex projects on ship, rigs, and renewable energy are increasingly important.

Executives at ASRY note that recent work scopes have in- cluded more complex projects, citing as an example the land- mark conversion of the 2001-built Suezmax tanker, Cap Dia- mant, into a ? oating storage and of? oading (FSO) vessel, MT

Teli, ultimately for Houston-based Vaalco Energy. The suc- cessful project outcome, for the FSO’s operator in Greece, is thought likely to lead to other similar projects, managers said.

The 150-day conversion, completed in mid-2022, has en- abled the Houston energy ? rm to recon? gure its setup at the

Etame Marin ? eld off the coast of Gabon. It has replaced BW

Offshore’s FPSO, Petroleo Nautipa, and has radically altered the underlying economics.

Commenting on the project a few months ago, Vaalco’s

CEO, George Maxwell, said: “This new FSO, which is sched- uled to be online in September 2022, costs almost 50% less than the current FPSO and is expected to reduce our overall costs by approximately 17-20%. This will signi? cantly im- prove our margins, enhance our cash ? ow generation, and sustain our operational excellence and robust ? nancial perfor- mance at Etame through 2030.”

Meanwhile, U.S.-based Maersk Line has undertaken an in- novative decarbonization project at ASRY. Container vessels have been modi? ed to increase cargo capacity by 500 TEU.

The project has cut carbon emissions signi? cantly, yard sourc- es report, and may lead to other similar projects.

Importance of U.S. Custom

Some 300 miles to the east lies Drydocks World, until re- cently the region’s largest repair yard. Executives there stress the importance of the U.S. market as a source of revenue gen- eration. Recently completed projects at the Dubai yard include upgrades to some 20 offshore rigs, as well as the conversion of

At a regional level, rapidly expanding populations with high tankers to ? oating production storage and of? oading (FPSO) spending power are driving growth in container traf? c from units, and the retro? t and upgrade of vessels with various sus- east and west. Meanwhile, Qatar’s massive LNG reserves tainable technologies. have provided the basis for the world’s largest ? eet of LNG Managers are currently in discussion with a major U.S.- carriers and the development of dedicated repair facilities to based company on another FPSO conversion. And talks are service them at Nakilat-Keppel Offshore Marine as well as a under way on the shipyard’s possible involvement in various broad marine service sector in Ras Laffan. American projects, particularly off the country’s east coast, 27

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