DSME Sign Agreement with Sonangol & SBM Offshore

Source: www.gulfoilandgas.com 10/22/2010, Location: Africa

The current joint venture partners (Sonangol and SBM Offshore) of Paenal Yard in Porto Amboim, Angola and Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea have signed an agreement in which DSME will acquire a 30% share in the Paenal Joint Venture. Effective shareholdings after the transaction will be Sonangol 40%, SBM Offshore 30% and DSME 30%.

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.

The association with DSME will facilitate the Paenal Joint Venture’s investment capacity for phase II as well as further improve the production and construction expertise of the yard.

Jose Benge, Chairman of Paenal stated: “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”.


United States >>  5/4/2021 - Pioneer Natural Resources Company has completed its previously announced acquisition of the leasehold interests and related assets of DoublePoint Ener...
Brazil >>  4/30/2021 - Petrobras, in continuation of the communiqué released on 02/05/2021, informs the start of the binding phase regarding the sale of the totality of its ...

Brazil >>  4/30/2021 - Petrobras, in continuation of the communique released on April 28, 2021, informs that it signed a contract and concluded the sale of its remaining 10%...
Ukraine >>  4/30/2021 - Cub Energy Inc. (“Cub”) (KUB), announces it has entered into a share purchase agreement (“SPA”) to sell its 50% interest in CNG Holdings Netherlands B...

Brazil >>  4/28/2021 - Petrobras, in continuation of the communique released on July 3, 2020, informs that the company's Board of Directors, in a meeting held, approved the ...
Russia >>  4/28/2021 - PAO NOVATEK (“NOVATEK”) signed a Heads of Agreement with TOTAL on the sale of a 10% participation interest in Arctic Transshipment LLC (“Agreement”). ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.