Federal II FSO receives first oil following CNOOC approval
Thursday, July 16 2015 - 01:51 AM WIB
SGX-listed Federal International (2000) Ltd said that China National Offshore Oil Corporation (CNOOC) has given its approval for Federal II, a floating, storage and offloading vessel (FSO), allowing the vessel to receive the first oil on June 10, 2015.
?This milestone signifies the commencement of the FSO charter to CNOOC. The commencement of the CNOOC charter also marks the completion of all major offshore commissioning works,? the company said in a recent statement.
The duration of the FSO charter is till September 6, 2018 and there is an option for CNOOC to renew the charter for a further 5 years to September 6, 2023.
Federal II is owned by PT Eastern Jason (PTEJ) and Eastern Jason Fabrication Services Pte Ltd (EJFS), a wholly owned subsidiary of the Federal International, which holds a 30 percent equity interest in PTEJ. The other 70 percent is held by PT Pratama Unggul Lestari.
Editing by Reiner Simanjuntak