Oil
18/6/2012

SBM Offshore awarded Shell Fram FPSO contract


SBM Offshore has received a letter of interim award (LOIA) from Shell for the supply, lease and operation of a FPSO for the Fram field in the UK sector of the North Sea.

The LOIA allows SBM Offshore to commence engineering and procurement of long lead items to ensure timely completion of the planned Fram FPSO project, which is subject to a Final Investment Decision.


Oil

The crude oil spread between Brent and U.S. WTI may widen slightly in early January due to an annual reweighting of major commodity indexes, which is also likely to spark selling in arabica coffee, analysts said.
U.S. crude hit 5 ½-year lows early Monday with signs that oil prices may have just about bottomed, said Joe Petrowski, former CEO of Gulf Oil.
Iran is said to be offering its main crude grade to customers in Asia at the deepest discount in 14 years, taking a cue from Saudi Arabia in trimming price differentials.
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping.




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