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.


Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have already invested billions of dollars in long-term contracts. The 26 percent price slide since June to $85 a barrel exposes cracks in the assumption by utilities and industrial companies from Japan to India that cheap U.S. LNG would muscle into high-value Asian energy markets from 2016.
OPEC could in the future take action to respond to the recent fall in oil prices, Algerian energy ministry official Ali Hached said in Paris Tuesday. “Collectively OPEC can respond to the excess supply that we have on the market,” he said.
Brent crude fell on speculation that OPEC won’t take any action to bolster prices before a meeting scheduled for Nov. 27 in Vienna. West Texas Intermediate futures were little changed.
U.S. commercial crude oil stocks rose 8.9 million barrels to 370.6 million barrels during the reporting week ended October 10, according to U.S. Energy Information Administration (EIA) oil data released Thursday. Normally published, the weekly data was delayed by one day due to the U.S. Columbus Day holiday on Monday.

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