China's Yangzijiang Shipbuilding has signed its first FPSO newbuilding contract.
The shipyard has signed a letter of intent with Houston-based SSP Offshore to commence detailed design and construction engineering for the first SSP floater.
“As a result of the support of Yangzijiang under the LOI, the schedule for construction and delivery of the first SSP unit once an end-user contract has been secured will be significantly compressed,” SSP Offshore said.
“Management believes that the ability to offer an expedited delivery schedule on SSP units will be of significant benefit in its marketing efforts.”
SSP Offshore is now actively commercializing its proprietary SSP FPSO design.
The SSP floater is a patented, bowl-shaped floating vessel, scalable for crude oil storage up to 2 million barrels, 80,000 bbl per day production.