INPEX Files $970M Claim Against DSME for Ichthys Venturer FPSO Work

Bartolomej Tomic
Wednesday, August 10, 2022

Japanese oil and gas company INPEX has filed a $970 million claim against South Korean shipbuilder Daewoo Shipbuilding Marine & Engineering, seeking compensation for alleged delays and construction issues related to a 2012 FPSO order.

DSME said in a stock exchange INPEX had filed a request for arbitration at the International Chamber of Commerce.

In a stock exchange announcement last Friday, DSME said the case was related to an FPSO order made by INPEX in 2012, and that the FPSO was completed and departed from Okpo Shipyard in 2017, ready for commissioning to start production off the coast of Australia by 2019. 

According to World Energy Reports, first production from the 336 meters long FPSO started in July 2018.

While the company did not identify the project by name, the companies involved and the dates provided correspond to the delivery date of INPEX’s Ichthys Venturer FPSO, built for Inpex's Ichthys project in Australia.

DSME said Friday that INPEX had filed a claim for damages, claiming delays and defects in the commissioning preparation work.

"In this regard, the company determines that the amount of compensation and the grounds claimed by INPEX are unreasonable,” DSME said.

"We are currently preparing a response to INPEX's claim and arbitration request, and we plan to respond according to the arbitration process in the future," DSME added.

According to data on INPEX's website, 17 offshore condensate cargos were shipped from the Ichthys Venturer in the first half of 2022. The FPSO can produce around 100,000 bbl/d at peak.


Categories: Offshore Energy Activity FPSO Production Asia Floating Production Australia/NZ

Related Stories

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Indonesia's Medco Starts Production at Natuna Sea Fields

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

TMC Books Compressors Orders for FPSO and LNG Vessels

CNOOC Puts Into Production New Oil Field in South China Sea

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

ADNOC Secures LNG Supply Deal with India's BPCL

Current News

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com