Marine services provider Ezra Holdings is partnering three other firms to establish a joint venture (JV) company. The JV company will supply a Floating Production, Storage and Offloading (FPSO) vessel and related services to Premier Oil for its Chim Sao project in Vietnam.

The Chim Sao FPSO contract is worth up to about US$1 billion.

Ezra’s partners are EOC Limited, PetroVietnam and Keppel Corp’s subsidiary, KSI Production.

In addition, Ezra will sell the Lewek Emas – a 168,000 deadweight tonne Suzemax oil tanker – to the JV company.

The vessel will be converted into an FPSO and Ezra will get redeemable cumulative preference shares in return.

After conversion by Keppel Shipyard, the FPSO is expected to produce up
to 50,000 barrels of oil per day and have a storage capacity of about
680,000 barrels of oil.

Production is slated to begin in the second quarter of next year.

Source: CNA

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