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 [email protected].

hydratight.com

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