Papa Terra FPSO leaves China

Offshore staff

OSLO, NORWAY – The FPSO P-63 conversion has left the COSCO Dalian yard in China for the Petrobras-operated Papa Terra field offshore Brazil, FPSO owner BW Offshore announced.

The vessel is scheduled to arrive in Brazil in February 2013. Final integration of the remaining six modules will take place in the Rio Grande yard of QUIP, BW Offshore’s Brazilian partner.

The company has increased the forecasted cost for completing the P-63 project from $375 million to $450 million, citing higher engineering, construction, procurement and commissioning costs, as well as yard costs run up during schedule delays.

BW Offshore said that “all possible efforts are being made” to meet Papa Terra’s planned startup in July 2013.

The Papa Terra heavy oil prospect is located in the Campos basin 70 mi (110 km) offshore Brazil in 3,900 ft (1,190 m) water depths. The FPSO will be capable of processing 140,000 bo/d.

11/21/12

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