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

Oil prices fell nearly 3 percent on Tuesday as the dollar’s rally weighed on dollar-denominated crude oil futures along with concerns that a recent rally might keep U.S. producers active.
If you are looking for evidence that China is becoming more assertive in the global economy, then the trading of physical crude oil in Asia is a good example.
Oil traded near $60 a barrel as companies in the U.S. reduced the number of active rigs by the slowest pace since a prolonged retreat in drilling that began in December.
Commodity markets diverged this week as traders balanced the strong dollar against supply concerns, while star performer cocoa hit seven-month peaks on output fears in key producer Ghana.




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