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Energean Power FPSO Hull to Sail Away in "Coming Weeks"

March 19, 2020

Energean Power FPSO Hull during the launch in October 2019 - Image by Energean
Energean Power FPSO Hull during the launch in October 2019 - Image by Energean

Israel-focused oil firm Energean expects the hull of its Energean Power FPSO will set sail from China in the coming weeks, easing concerns of potential further delays, after it last month warned over the possible impact of the coronavirus outbreak in China on the FPSO construction.

First, Energean had in January said that the hull works for the Israel-bound FPSO were taking longer than originally anticipated (3.5 months longer), causing the company to revise the estimated first gas from the Karish in Israel from the first quarter of 2021, to the first half of 2021.

It then in February acknowledged there may be challenges with the construction amid the widespread coronavirus outbreak in China, but said it "the rapidly evolving nature of these circumstances is such that it is impossible, at this stage, to determine the overall impact, if any, on Energean's project timeline."

However, it on Thursday said the Energean Power FPSO hull sailaway from China to Singapore, where the hull and the topsides will be integrated, is expected in "the comping weeks."

"To date, in 2020, despite Coronavirus, the workforce in the COSCO yard has been maintained above 550 people. The FPSO Hull sailaway is expected in the coming weeks and it is due to arrive in the Admiralty Yard in Singapore shortly thereafter," Energean said.

"Good progress has been made on the construction of the topsides in Singapore, and Energean is working with TechnipFMC to mitigate the impact of the deferred sailaway from China on Practical Completion of the project and is on schedule to deliver first gas in 1H 2021," Energean said.

The completed FPSO is expected to sail away from Singapore towards Israel at the 2020 year-end.

So far, Energean has secured firm gas sales from the Karish development of 5.0 bcm/yr with a further 0.6 bcm/yr to be converted to a firm basis immediately on publication of a satisfactory Karish North CPR, expected at the end of March 2020.



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