(EnergyAsia, June 21 2012, Thursday) — Singapore-listed IEV Holdings Limited said it has completed on schedule the RM262-million engineering, fabrication and load-out work on a four-legged jacket and refurbished topside of a wellhead platform that is part of a bigger project that started last December. (US$1=RM3.2).
The project involved the supply, delivery, installation and commissioning of a refurbished wellhead platform, pipeline, and host tie-ins to existing offshore production facilities.
The six-slot wellhead platform has left the fabrication yard in New Orleans in the US and is expected to arrive at the work site located off the shore of Sarawak, Malaysia by the end of August.
The company said it expects platform and pipeline installation, hook-up, commissioning and host tie-in activities to be completed by early October 2012, with oil production to begin in December.
The turnkey contract was awarded to IEV’s 30%-owned associate, IEV (Malaysia) Sdn Bhd by Petronas Carigali Sdn Bhd, an established oil and gas operator in Malaysia. The project was executed under a strategic alliance partnership with a US-based engineering company which specialises in platform re-use in the Gulf of Mexico
IEV’s President and CEO, Christopher Do, said:
“The completion of the fabrication and load-out of the reuse platform marks a very important milestone for the project. It could take 12 to 18 months to design and build a brand new four-legged jacket and topside.
“In this project, the design, refurbishment, fabrication and load-out of the platform was completed within six months from receipt of the letter of award.
“This proves that the concept of platform refurbishment or reuse is commercially viable as it can offer significant reduction in capital expenditure, fast-track a new field development and shorten the time-to-market of an oil and gas field by as much as 50%.”