Page 26: of Offshore Engineer Magazine (Sep/Oct 2015)

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FPSO

The FPSO is producing the Petrobra-operated Sapinhoá ? eld. Cidade de Ilhabela Photo from BG Group. modi? ed and redeployed at a signi? cantly lower cost than a new- company budgets and greater efforts are being made to ensure build. This is something that can be seen in a number of projects delays and cost over-runs are avoided to maintain project eco- in Western Europe and this trend will likely increase in the future nomics. At the same time local content requirements are push- as frontier areas such as East Africa or the Arctic are developed. ing up prices and extending lead times, particularly in Brazil.

For the oil company ? eld operator, FPS ownership becomes

Lease versus own the more cost-effective option where production extends over a

Three main factors will affect the supply of units in the FPS long period. However, given the current macroeconomic envi- sector: ronment, such capex commitments may be deferred. Therefore, • Financing; the decision to lease an FPS can be seen as a trade-off between • Local content; the lower upfront capex and the increased operational expen- • Leasing. ditures as a result of the leasing charges. However, leasing also

Financing remains a challenge for leasing contractors and brings advantages in terms of the cost of ? eld abandonment. smaller exploration and production companies, as a result of The top three leasing contractors are SBM Offshore, MODEC the lower oil prices which have placed additional strain on and BW Offshore, which collectively account for 35% of the

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Because the need to replace damaged bolts on live fanges is a common problem.

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Preventing pipeline failure while minimizing production loss is important. The patented design ® of Hydratight’s MorSafe bolt renewal clamp provides the highest mitigation of risk of fange or gasket damage, or worse: a leak. Our solution does not require any pneumatics or hydraulics for clamp engagement, nor does it increase the load on the gasket. For more information about our bolt renewal services, contact solutions@hydratight.com.

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