Sembcorp Marine wholly-owned subsidiary Sembcorp Marine Rigs & Floaters has signed a Letter of Intent (LOI) with Shell Offshore for the construction of the hull and topside as well as the integration of the Vito floating production unit (FPU).
If the project moves forward, the Vito FPU will be a new facility located in the Mississippi Canyon, approximately 150 miles south of New Orleans, Louisiana, USA, in water depth of 4,050 ft.
Comprising a single topside module supported by a 4-column semisubmersible floating hull, the Vito FPU is designed with a throughput capacity of 100,000 bpd of oil and 100 MMSCFD of gas.
Final contract award will be dependent upon Shell and its partners sanctioning the project.
The LOI is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the year ending December 31, 2017.