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Missed FPSO deal
Posted 24.05.2012 10:33:08 av John Bradbury
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Fred Olsen Production has missed out on an Asian FPSO development after the expiry of a letter of intent.

Fred. Olsen disclosed today that after signing the LOI back in December last year, on behalf of a joint venture which was to be set up with Japan's Marubeni Corporation, to supply a production unit to PetroVietnam, the deal has now expired without any contract being finalised.

Under the original JV agreement with Marubeni, Oslo-listed Fred. Olsen Production was to become responsible for construction, installation and chartering of an FPSO for the Thang Long and Dong Do oil fields offshore Vietnam.

“The letter of intent, with subsequent extensions and amendments, has now expired without the parties having concluded the contracts,” the Olsen company stated today.

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