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    News FPSO contract for IHC Caland

    News // March 28, 2002
    IHC Caland has announced a new FPSO lease and operate contract for the development of an oil field offshore West Africa. The contract was signed recently with Single Buoy Moorings Inc (SBM), a wholly owned subsidiary of IHC Caland, and a major oil company.

    As reported previously, SBM has been authorised to commence engineering work and other critical path activities for the generic FPSO. The contract is now signed for a nominal seven year charter and carries a number of options for purchase or lease extensions.

    The unit is to be based on a VLCC-size tanker (307,000dwt).

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