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.


U.S. crude production climbed to the highest level in more than 28 years last week as the shale boom moved the country closer to energy independence.
China has been the engine of global seaborne trade growth and oil trade is no exception. In 2014, China is expected to become the largest seaborne importer of crude oil, accounting for 15% of global imports.
West Texas Intermediate crude fell from a two-week high after an Energy Information Administration report showed U.S. inventories rose the most in five months.
West Texas Intermediate climbed to a two-week high and Brent gained after OPEC’s secretary general said the group may cut output targets next year.

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