Page 15 - LatAmOil Week 33 2022

LatAmOil NEWS IN BRIEF LatAmOil

The results of PPSA for H1-2022 have been 120 tonnes bollard pull strong SD Honour will Production, Storage and Offloading vessel
reviewed by Crowe, the President Group join the fleet of dedicated offshore terminal tugs (FPSO) for about $2.9bn.
auditors and are today filed with the relevant supporting the two Floating Production, Storage Scheduled for completion in H1-2026, the
Argentine authorities. The results have been and Off-loading units (FPSOs) offshore Guyana P-80 is the second FPSO that Keppel O&M will
determined under Argentine GAAP rules. Such with static tow, push-pull duties and general be building for Petrobras for the Buzios field in
filing does not relate to President Group as a offshore support to very large crude carriers Brazil. The first FPSO, P-78, is currently under
whole, only PPSA. The difference in accounting (VLCCs) taking offload cargo from the FPSOs. construction by Keppel Shipyard. The P-80 is
standards will produce anomalies in the various KOTUG International has been supporting structured on progressive milestone payments
versions of the accounts. EEPGL since October 2021 with the state-of- and will be cash-flow neutral during its execu-
The H1-2022 Argentina Financial Report, the-art and unique Offshore Terminal tug SD tion lifecycle. It would add over SGD4bn to Kep-
converted from Argentine Pesos into US Dollars Power, marking KOTUG’s first operation in pel O&M’s orderbook.
shows inter alia: Turnover in excess of $18mn. South America. The P-80 will be one of the largest floating
President is currently projecting turnover in “The addition of the SD Honour to KOTUG’s production units in the world with a production
Argentina for the full year in excess of $40mn. operations is a reflection of KOTUG’s high val- capacity of 225,000 barrels of oil per day (bpd
The results do not include any beneficial impact ues and standards with regards to safe oper- of oil), water injection capacity of 250,000 bpd,
from the successful new wells in Salta. ations, teamwork and maritime excellence. 12mn cubic metres per day of gas processing and
These are expected to positively impact Strengthened by the outstanding performance a storage capacity of 2mn barrels of oil. When
results in H2-2022. Profit before tax for H1-2022 of the crew onboard the SD Power, we are proud completed, the P-80 will be on par with the larg-
of $8.1mn to be able to contribute to the rapid growth of est oil producing platforms in Brazil.
During H1-2022 the average oil reference EEPGL’s operations and continue our pleasant Chris Ong, CEO of Keppel O&M, said, “We
price in Rio Negro for domestic sales was $58.89 and transparent working relationship. With our are pleased to be selected by Petrobras for a
per barrel. Currently the reference price for expertise and large fleet of Offshore Support repeat order of yet another landmark FPSO ves-
domestic sales in Argentina is $65 per barrel. Vessels, we can support offshore floating projects sel, which reaffirms our capabilities as the pre-
During H1-2022 President exported part that emerge in response to rising energy demand ferred development partner for complex turnkey
of its production on three occasions and par- at short notice,” says Ard-Jan Kooren, CEO and projects. By leveraging our strong EPC capabil-
tial export of production has continued into President of KOTUG International. ities and network of yards, as well as teaming up
Q3 2022. The full half year accounts according KOTUG, August 2 2022 with leading industry specialists, we have been
to UK standards is expected to be announced able to offer a win-win solution that is both cost
before the end of September. Keppel O&M wins $2.9bn effective for our customer and profitable for Kep-
Peter Levine, Chair, commented: “These pel O&M and our partners.
results in Argentina achieved with the majority newbuild FPSO P-80 “Our first such project for the Buzios field,
of oil sold at domestic prices demonstrate the the P-78, is being built on this operating model.
health and robust nature of President’s opera- contract from Petrobras It is progressing on track with its schedule and
tions. With the impact of the increased produc- within budget, and has been contributing to
tion in Salta we are now engaged to optimised Keppel Offshore & Marine (Keppel O&M)’s Keppel O&M’s earnings. Drawing from our
results in the second period of this year as well as wholly owned subsidiary, Keppel Shipyard, experience with the P-78, we are confident that
the other activities of President and its evolving has won an international tender from Brazil’s we can further enhance the efficiency and eco-
nature of the Group as previously announced National Oil Company, Petroleo Brasileiro nomics of the P-80, as well as generate a substan-
including its 28% interest in Atome, its new (Petrobras), for the engineering, procurement tial amount of work in Brazil with thousands of
Alternative Energy sub-group Green House and construction (EPC) of P-80, a Floating jobs for the country.”
Capital and the steps towards Lithium previ-
ously announced.”
Note: Profit before tax means, in the context
of this report alone, profit after interest, income
and foreign exchange operations but before tax,
depreciation and amortisation.
President Energy, August 12 2022

PROJECTS & COMPANIES
KOTUG to provide

additional support to

operations in Guyana

KOTUG Guyana Inc. (100% local subsidiary of
KOTUG International BV) has been awarded a
second contract by Esso Exploration and Pro-
duction Guyana Ltd (EEPGL) to support opera-
tions in Guyana. KOTUG’s latest additions, the

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