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SembCorp Marine- The new Frontier.
ckmpd1
Supreme
22-Oct-2021 09:09     
 
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 Alert Admin 		Temasek doesnt want SMM but is legally obliged to offer MGO.  So they offered at legally least price of 8c
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chart_expert123
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22-Oct-2021 09:08     
 
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 Alert Admin 		MGO lifted anytime. 

anybody informed when is last day?

Or else, holding a time bomb only, wake up in the morning, price free falling, oh MGO option is no longer there.

TigerPlay      ( Date: 22-Oct-2021 08:58) Posted:

What will happen if SCM now fall below 8cts, say trading at 7cts now? Many will sell to TH at 8cts right? Then what happen? TH will get alot of SCM share,maybe close to 100%, this is not what they wanted in the first place. They cannot squeeze anymore money from SH laiow. Now you should guess who is the Buddha hand that is holding the buy q at 8cts right....guess lor

ckmpd1      ( Date: 22-Oct-2021 06:17) Posted:

You are another wise one.  Some claim that SMM trading at 8c now is a sign of strength as it doesnt go to 7c, 6c, 5c.  Flawed logic.  I see consistent trading at 8c now is a sign of severe weakness.  The only support is MGO.  Once removed, SMM will plunge 
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ckmpd1
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22-Oct-2021 09:06     
 
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 Alert Admin 		That' s why I have said many weeks ago that 8c is an artificial floor price to give a false sense of security to those who think SMM is worth more.  If SMM drops to 7c now, before expiry of MGO, many SHs will opt for MGO and TH will get many SMM shares.  Because of this 8c security now, some SHs will continue to hold on to SMM.  Once no more MGO and no guarantee of 8c,  SMM will plunge

TigerPlay      ( Date: 22-Oct-2021 08:58) Posted:

What will happen if SCM now fall below 8cts, say trading at 7cts now? Many will sell to TH at 8cts right? Then what happen? TH will get alot of SCM share,maybe close to 100%, this is not what they wanted in the first place. They cannot squeeze anymore money from SH laiow. Now you should guess who is the Buddha hand that is holding the buy q at 8cts right....guess lor

ckmpd1      ( Date: 22-Oct-2021 06:17) Posted:

You are another wise one.  Some claim that SMM trading at 8c now is a sign of strength as it doesnt go to 7c, 6c, 5c.  Flawed logic.  I see consistent trading at 8c now is a sign of severe weakness.  The only support is MGO.  Once removed, SMM will plunge 
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weekaykee
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22-Oct-2021 09:04     
 
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 Alert Admin 		Similar sentiments. The price closely flirting with 8 cts for a prolonged period is a sign of inherent weakness, waiting to plunge below 8cts once MGO expires. Unless a new positive development is announced before the MGO expires.

ckmpd1      ( Date: 22-Oct-2021 06:17) Posted:

You are another wise one.  Some claim that SMM trading at 8c now is a sign of strength as it doesnt go to 7c, 6c, 5c.  Flawed logic.  I see consistent trading at 8c now is a sign of severe weakness.  The only support is MGO.  Once removed, SMM will plunge 

Sgvale      ( Date: 21-Oct-2021 22:32) Posted:

So many negatives news. Still 8c. 4c to me also not worth.


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TigerPlay
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22-Oct-2021 08:58     
 
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 Alert Admin 		What will happen if SCM now fall below 8cts, say trading at 7cts now? Many will sell to TH at 8cts right? Then what happen? TH will get alot of SCM share,maybe close to 100%, this is not what they wanted in the first place. They cannot squeeze anymore money from SH laiow. Now you should guess who is the Buddha hand that is holding the buy q at 8cts right....guess lor

ckmpd1      ( Date: 22-Oct-2021 06:17) Posted:

You are another wise one.  Some claim that SMM trading at 8c now is a sign of strength as it doesnt go to 7c, 6c, 5c.  Flawed logic.  I see consistent trading at 8c now is a sign of severe weakness.  The only support is MGO.  Once removed, SMM will plunge 

Sgvale      ( Date: 21-Oct-2021 22:32) Posted:

So many negatives news. Still 8c. 4c to me also not worth.


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ckmpd1
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22-Oct-2021 06:39     
 
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 Alert Admin 		could lack of supervision, weak project management, loss of skilled workers, supply chain problems, etc, have compounded the challenges?

chart_expert123      ( Date: 22-Oct-2021 06:32) Posted:

https://www.offshore-energy.biz/repairs-on-johan-castberg-fpso-hull-to-delay-completion-by-a-year/

According to the PSA, a number of causes for these challenges have been identified by the investigation.

Namely, SCM was a new fabrication contractor for Equinor. The operator had not previously used SCM for newbuilding of offshore production facilities. This yard?s experience was primarily with ship repair

Furthermore, there have been some changes in construction sites. The contract specified that fabrication and assembly should take place at the Tuas Boulevard Yard. During the first construction year, fabrication of the living quarters and some of the hull modules was transferred to three other yards.

The safety authority also said that SCM underestimated the scope of front-end engineering design (Feed), but milestones were nevertheless maintained.

The PSA added that welding expertise and quality control at SCM were inadequate. Equinor failed to get to grips with this problem early enough, and the project?s governing inspection and test plan was not complied with.
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chart_expert123
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22-Oct-2021 06:32     
 
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 Alert Admin 		https://www.offshore-energy.biz/repairs-on-johan-castberg-fpso-hull-to-delay-completion-by-a-year/

According to the PSA, a number of causes for these challenges have been identified by the investigation.

Namely, SCM was a new fabrication contractor for Equinor. The operator had not previously used SCM for newbuilding of offshore production facilities. This yard?s experience was primarily with ship repair

Furthermore, there have been some changes in construction sites. The contract specified that fabrication and assembly should take place at the Tuas Boulevard Yard. During the first construction year, fabrication of the living quarters and some of the hull modules was transferred to three other yards.

The safety authority also said that SCM underestimated the scope of front-end engineering design (Feed), but milestones were nevertheless maintained.

The PSA added that welding expertise and quality control at SCM were inadequate. Equinor failed to get to grips with this problem early enough, and the project?s governing inspection and test plan was not complied with.
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ckmpd1
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22-Oct-2021 06:32     
 
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 Alert Admin 		surprise

chart_expert123      ( Date: 21-Oct-2021 22:35) Posted:

142.34mio ended up compensated 424.8mio. 3 times

chart_expert123      ( Date: 21-Oct-2021 22:33) Posted:

In case, you missed out my early posts here is solitaire case.happen in 1997 end in 2006. It was very famous in the industry.

https://www.offshore-mag.com/rigs-vessels/article/16792680/sembcorp-to-pay-allseas-vessel-compensation

(Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.

Allseas had commissioned SembCorp's subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993.

But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time.

Both parties then took each other to court and the case has been under arbitration in London since 1995
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ckmpd1
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22-Oct-2021 06:18     
 
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 Alert Admin 		chart_expert123.  Well saidyes

chart_expert123      ( Date: 22-Oct-2021 06:16) Posted:

Don't always twist the facts, mislead and complicate a simple issue.

What is the reason pull out from sembmar to Norway shipyard.

Design issue? Of course is not.

The reason is sembmar cannot rush all the works for the design change and the original scope which cause further delay. If can sembmar can pump in 200-300% manpower to rush the works and faster than Norwegian yard, will they pull it out?

Again, go and study solitaire case, the conversion project also involved similar design issue on Hull and caused delay. The owner was dare to pull it out and built it Scotland was due to they were confident they could recover the huge cost for the balance work in Europe shipyards from sembcorp through contract.

Anyway, I am not speculating. The example I quoted is as per past project. The Norwegian owner surely is holding the rights to claim the compensation from sembmar through international courts.

It will take many years if sembmar refuse to pay. Why solitaire case was compensated with 3 times of original contract, 400over mio, part of it is expensive 67mio lawsuit fee.

This FPSO contract? 400mio or more? Can be billion dollars of claim loss. Terrible.



better      ( Date: 22-Oct-2021 00:24) Posted:

The one year is for the integration of the topsides. The hull, which Sembmarine is supposed to build is likely 99% complete.


The last 1%, consisting likely of some welding rectification work could be done while the topsides integration is ongoing in Norway to save time.


As mentioned in article below, the fabrication of the topsides in Norway was also delayed by Covid and only ready recently for integration.

April 2021

According to Equinor, the yard is responsible for correcting all deviations in quality and costs related to repair of welding defects are covered by Sembcorp Marine, according to the contract. The cross-checks and improvements are almost completed and are followed up closely by Equinor, the Norwegian oil firm said.

The hull for the Johan Castberg production vessel is scheduled to be transported to Stord on board the Boka Vanguard heavy-lift vessel late 2021, however, the Covid-19 pandemic still adds uncertainty to all schedules, the company said.

In October 2020, Equinor reported that the Johan Castberg project would be delayed by one year, with planned production start in the fourth quarter of 2023. 

" The main cause of the delay is the Covid-19 pandemic and associated infection control measures introduced at the yards in Singapore, Stord, Verdal and Sandnessjø en. Other challenges include the progress in Singapore and deviations in welding quality," Equinor said.


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ckmpd1
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22-Oct-2021 06:17     
 
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 Alert Admin 		You are another wise one.  Some claim that SMM trading at 8c now is a sign of strength as it doesnt go to 7c, 6c, 5c.  Flawed logic.  I see consistent trading at 8c now is a sign of severe weakness.  The only support is MGO.  Once removed, SMM will plunge 

Sgvale      ( Date: 21-Oct-2021 22:32) Posted:

So many negatives news. Still 8c. 4c to me also not worth.

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chart_expert123
Master
22-Oct-2021 06:16     
 
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Yells: "Only buy stock with revenue or net cash flow growth!!!!"
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 Alert Admin 		Don't always twist the facts, mislead and complicate a simple issue.

What is the reason pull out from sembmar to Norway shipyard.

Design issue? Of course is not.

The reason is sembmar cannot rush all the works for the design change and the original scope which cause further delay. If can sembmar can pump in 200-300% manpower to rush the works and faster than Norwegian yard, will they pull it out?

Again, go and study solitaire case, the conversion project also involved similar design issue on Hull and caused delay. The owner was dare to pull it out and built it Scotland was due to they were confident they could recover the huge cost for the balance work in Europe shipyards from sembcorp through contract.

Anyway, I am not speculating. The example I quoted is as per past project. The Norwegian owner surely is holding the rights to claim the compensation from sembmar through international courts.

It will take many years if sembmar refuse to pay. Why solitaire case was compensated with 3 times of original contract, 400over mio, part of it is expensive 67mio lawsuit fee.

This FPSO contract? 400mio or more? Can be billion dollars of claim loss. Terrible.



better      ( Date: 22-Oct-2021 00:24) Posted:

The one year is for the integration of the topsides. The hull, which Sembmarine is supposed to build is likely 99% complete.


The last 1%, consisting likely of some welding rectification work could be done while the topsides integration is ongoing in Norway to save time.


As mentioned in article below, the fabrication of the topsides in Norway was also delayed by Covid and only ready recently for integration.

April 2021

According to Equinor, the yard is responsible for correcting all deviations in quality and costs related to repair of welding defects are covered by Sembcorp Marine, according to the contract. The cross-checks and improvements are almost completed and are followed up closely by Equinor, the Norwegian oil firm said.

The hull for the Johan Castberg production vessel is scheduled to be transported to Stord on board the Boka Vanguard heavy-lift vessel late 2021, however, the Covid-19 pandemic still adds uncertainty to all schedules, the company said.

In October 2020, Equinor reported that the Johan Castberg project would be delayed by one year, with planned production start in the fourth quarter of 2023. 

" The main cause of the delay is the Covid-19 pandemic and associated infection control measures introduced at the yards in Singapore, Stord, Verdal and Sandnessjø en. Other challenges include the progress in Singapore and deviations in welding quality," Equinor said.

naoshingo      ( Date: 21-Oct-2021 23:38) Posted:

I suspect when SM asked for the rights issue...they are expecting this project will not pass.
The report states that  Johan Castberg FPSO requires the Norway yard 100% manpower and a year to complete.

SM being such a seasoned builder, I think in Q1/Q2 2021, they should knew the outcome. Thus, the urgent rights issue.

I am just speculating...
Anyways,,,,a lot of uncertainties...
Nevertheless, they are still hiring. So it will not close shop...
 
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ckmpd1
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22-Oct-2021 06:12     
 
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 Alert Admin 		Wise

share456      ( Date: 21-Oct-2021 21:53) Posted:

Confirmed SCM will be in heavy losses for 2022.
Confirmed another right issue in 2022.

what will be the share price in 2022 ?
 

better      ( Date: 21-Oct-2021 21:05) Posted:

  Johan Castberg floater moved to Norway as delays mount



      Equinor takes incomplete FPSO hull to a Norwegian yard where it will occupy almost the whole workforce for more than a year
 
21 October 2021 7:18 GMT  UPDATED    21 October 2021 9:40 GMT
  in        Stavanger 


Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading vessel from Singapore.


This should relieve Sembmarine of some manpower constraints. But likely SCM will lose the Wisting FPSO deal. But good riddence generally.
 


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ckmpd1
Supreme
22-Oct-2021 06:11     
 
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 Alert Admin 		Agree.  We shd all do our own calculations and diligence

chart_expert123      ( Date: 21-Oct-2021 22:30) Posted:

👏 👏 👏 👏 👏 👏 👏

Very positive. Only you but not the facts.

Trade with care and everyone do ur own due diligence.

I don't know what is the terms in the contracts. Just quoted solitaire case how a tow away project will impact.

It will not just as simple as contracts cancellation, loss stop here. Obviously, sembmar and equinor will be sued to international court and lengthy lawsuit is waiting for sembmar after the fpso left sembmar shipyards.

better      ( Date: 21-Oct-2021 22:21) Posted:

That depends on whose fault it was. The hull is Equinor' s own design and investigation report last year did not pin point the fault on anyone. Accordingly, Equnior had approved the work at every stages of the hull construction until the error was discovered.

According to Equinor, the investigation team did not find any single event which could have been a direct cause for the welding quality issues.......

Furthermore, Equinor has not sufficiently complied with its own work processes and procedures for risk management, construction management, and follow-up at the construction site.

Even if Equinor' s follow-up team found signs of poor quality at an early stage, the extent and degree of seriousness were not understood. Sufficient measures were therefore not implemented.

Finally, Equinor' s follow-up team has not had enough personnel with experience and expertise in welding and welding control and has not utilized the company& rsquo s technical expertise in these areas early enough, the Norwegian company said.

Also, SCM had paid its due by rectifying most of the faults for free. The hull needs to be moved now for immediate topsides integration to avoid further delay. Any outstanding hull rectification work can be done at the same yard.

On the balance, a positive for Sembmarine.
 
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ckmpd1
Supreme
22-Oct-2021 06:09     
 
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 Alert Admin 		It shd remain abt 8c until MGO expires.

Some see it as good news.  I see it as bad news as long as it cant go much above 8c because it shows no support.  No reason for SMM to go below 8c as long as MGO is on.  But after that?

Sgvale      ( Date: 21-Oct-2021 22:38) Posted:

8c better sell & leave. Once becomes 7 series no hope. Been at 8c ding dong for sometime.
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better
Elite
22-Oct-2021 00:24     
 
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 Alert Admin 		The one year is for the integration of the topsides. The hull, which Sembmarine is supposed to build is likely 99% complete.


The last 1%, consisting likely of some welding rectification work could be done while the topsides integration is ongoing in Norway to save time.


As mentioned in article below, the fabrication of the topsides in Norway was also delayed by Covid and only ready recently for integration.

April 2021

According to Equinor, the yard is responsible for correcting all deviations in quality and costs related to repair of welding defects are covered by Sembcorp Marine, according to the contract. The cross-checks and improvements are almost completed and are followed up closely by Equinor, the Norwegian oil firm said.

The hull for the Johan Castberg production vessel is scheduled to be transported to Stord on board the Boka Vanguard heavy-lift vessel late 2021, however, the Covid-19 pandemic still adds uncertainty to all schedules, the company said.

In October 2020, Equinor reported that the Johan Castberg project would be delayed by one year, with planned production start in the fourth quarter of 2023. 

" The main cause of the delay is the Covid-19 pandemic and associated infection control measures introduced at the yards in Singapore, Stord, Verdal and Sandnessjø en. Other challenges include the progress in Singapore and deviations in welding quality," Equinor said.

naoshingo      ( Date: 21-Oct-2021 23:38) Posted:

I suspect when SM asked for the rights issue...they are expecting this project will not pass.
The report states that  Johan Castberg FPSO requires the Norway yard 100% manpower and a year to complete.

SM being such a seasoned builder, I think in Q1/Q2 2021, they should knew the outcome. Thus, the urgent rights issue.

I am just speculating...
Anyways,,,,a lot of uncertainties...
Nevertheless, they are still hiring. So it will not close shop...
 

better      ( Date: 21-Oct-2021 22:53) Posted:

Based on the investigation report by Norway' s Petroleum Safety Authority, Equinor, who supplied the fatigue analysis software program seems more at fault than Sembmarine. In any case, no yard has more lawsuits on its neck than Keppel OM.

Also, don' t you think  SCM and also other yards would have learned the lesson from the Solitaire episode 20 years ago and put in the appropriate termination and force majeure clauses to protect themselves?

Sept 2020

Norway' s Petroleum Safety Authority is launching an investigation into the problems with the construction of the giant FPSO for Equinor' s new Johan Castberg offshore development. 

" The PSA became aware on 25 June 2020 that Equinor had identified major challenges with the quality of welds in the hull of the Johan Castberg floating production storage and offloading (FPSO) unit. In addition, the authority became aware that errors had been found in the analysis program used for fatigue calculations," the agency wrote in an announcement Wednesday. " Corrective work means that the FPSO hull will be delayed . . . Furthermore, efforts to correct weld and fatigue-analysis errors create uncertainty about the structure&rsquo s integrity over the producing life of the field."

The PSA has appointed a team of experts to look into why the project team for Johan Castberg did not identify the analysis mistakes and faulty welds earlier in the process. It will aim to establish the decisionmaking timeline, assess the consequences of the weld issues for safety, analyze causal factors and find any potential regulatory breaches. 

According to environmental NGO Bellona, the problems with the Johan Castberg FPSO became known in October 2019 and the software fatigue analysis issues have been known since April. The software' s designer says that the calculation errors are manageable and will not force a major rework of the project. " The issue is mainly seen on FPSOs with weather-vaning capabilities and may impact the estimated fatigue life of the vessel, which has no immediate consequence for its structural safety,&rdquo the firm wrote. 

Morten Ruth, the project director for Johan Castberg, told E24 that the shipyard will have to redo about 3,000 linear meters of welding and change four seawater intakes, but it will not require not a major rebuild of the vessel.

" To put this a bit in context, we estimate that the [time] to repair the welds in Singapore, it corresponds to about five percent of the remaining hours [of work], roughly speaking," Ruth said. " This is a lot about organization and getting this done in the right sequence. It is not the volume as such that worries us."

The repair work has been substantially delayed by coronavirus-related slowdowns at Sembcorp, the Singaporean yard building the FPSO, he said. These challenges will likely set Johan Castberg' s deployment back by about one year. 
 
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naoshingo
Elite
21-Oct-2021 23:38     
 
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 Alert Admin 		I suspect when SM asked for the rights issue...they are expecting this project will not pass.
The report states that  Johan Castberg FPSO requires the Norway yard 100% manpower and a year to complete.

SM being such a seasoned builder, I think in Q1/Q2 2021, they should knew the outcome. Thus, the urgent rights issue.

I am just speculating...
Anyways,,,,a lot of uncertainties...
Nevertheless, they are still hiring. So it will not close shop...
 

better      ( Date: 21-Oct-2021 22:53) Posted:

Based on the investigation report by Norway' s Petroleum Safety Authority, Equinor, who supplied the fatigue analysis software program seems more at fault than Sembmarine. In any case, no yard has more lawsuits on its neck than Keppel OM.

Also, don' t you think  SCM and also other yards would have learned the lesson from the Solitaire episode 20 years ago and put in the appropriate termination and force majeure clauses to protect themselves?

Sept 2020

Norway' s Petroleum Safety Authority is launching an investigation into the problems with the construction of the giant FPSO for Equinor' s new Johan Castberg offshore development. 

" The PSA became aware on 25 June 2020 that Equinor had identified major challenges with the quality of welds in the hull of the Johan Castberg floating production storage and offloading (FPSO) unit. In addition, the authority became aware that errors had been found in the analysis program used for fatigue calculations," the agency wrote in an announcement Wednesday. " Corrective work means that the FPSO hull will be delayed . . . Furthermore, efforts to correct weld and fatigue-analysis errors create uncertainty about the structure&rsquo s integrity over the producing life of the field."

The PSA has appointed a team of experts to look into why the project team for Johan Castberg did not identify the analysis mistakes and faulty welds earlier in the process. It will aim to establish the decisionmaking timeline, assess the consequences of the weld issues for safety, analyze causal factors and find any potential regulatory breaches. 

According to environmental NGO Bellona, the problems with the Johan Castberg FPSO became known in October 2019 and the software fatigue analysis issues have been known since April. The software' s designer says that the calculation errors are manageable and will not force a major rework of the project. " The issue is mainly seen on FPSOs with weather-vaning capabilities and may impact the estimated fatigue life of the vessel, which has no immediate consequence for its structural safety,&rdquo the firm wrote. 

Morten Ruth, the project director for Johan Castberg, told E24 that the shipyard will have to redo about 3,000 linear meters of welding and change four seawater intakes, but it will not require not a major rebuild of the vessel.

" To put this a bit in context, we estimate that the [time] to repair the welds in Singapore, it corresponds to about five percent of the remaining hours [of work], roughly speaking," Ruth said. " This is a lot about organization and getting this done in the right sequence. It is not the volume as such that worries us."

The repair work has been substantially delayed by coronavirus-related slowdowns at Sembcorp, the Singaporean yard building the FPSO, he said. These challenges will likely set Johan Castberg' s deployment back by about one year. 
 

chart_expert123      ( Date: 21-Oct-2021 22:30) Posted:

👏 👏 👏 👏 👏 👏 👏

Very positive. Only you but not the facts.

Trade with care and everyone do ur own due diligence.

I don't know what is the terms in the contracts. Just quoted solitaire case how a tow away project will impact.

It will not just as simple as contracts cancellation, loss stop here. Obviously, sembmar and equinor will be sued to international court and lengthy lawsuit is waiting for sembmar after the fpso left sembmar shipyards
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better
Elite
21-Oct-2021 22:53     
 
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 Alert Admin 		Based on the investigation report by Norway' s Petroleum Safety Authority, Equinor, who supplied the fatigue analysis software program seems more at fault than Sembmarine. In any case, no yard has more lawsuits on its neck than Keppel OM.

Also, don' t you think  SCM and also other yards would have learned the lesson from the Solitaire episode 20 years ago and put in the appropriate termination and force majeure clauses to protect themselves?

Sept 2020

Norway' s Petroleum Safety Authority is launching an investigation into the problems with the construction of the giant FPSO for Equinor' s new Johan Castberg offshore development. 

" The PSA became aware on 25 June 2020 that Equinor had identified major challenges with the quality of welds in the hull of the Johan Castberg floating production storage and offloading (FPSO) unit. In addition, the authority became aware that errors had been found in the analysis program used for fatigue calculations," the agency wrote in an announcement Wednesday. " Corrective work means that the FPSO hull will be delayed . . . Furthermore, efforts to correct weld and fatigue-analysis errors create uncertainty about the structure&rsquo s integrity over the producing life of the field."

The PSA has appointed a team of experts to look into why the project team for Johan Castberg did not identify the analysis mistakes and faulty welds earlier in the process. It will aim to establish the decisionmaking timeline, assess the consequences of the weld issues for safety, analyze causal factors and find any potential regulatory breaches. 

According to environmental NGO Bellona, the problems with the Johan Castberg FPSO became known in October 2019 and the software fatigue analysis issues have been known since April. The software' s designer says that the calculation errors are manageable and will not force a major rework of the project. " The issue is mainly seen on FPSOs with weather-vaning capabilities and may impact the estimated fatigue life of the vessel, which has no immediate consequence for its structural safety,&rdquo the firm wrote. 

Morten Ruth, the project director for Johan Castberg, told E24 that the shipyard will have to redo about 3,000 linear meters of welding and change four seawater intakes, but it will not require not a major rebuild of the vessel.

" To put this a bit in context, we estimate that the [time] to repair the welds in Singapore, it corresponds to about five percent of the remaining hours [of work], roughly speaking," Ruth said. " This is a lot about organization and getting this done in the right sequence. It is not the volume as such that worries us."

The repair work has been substantially delayed by coronavirus-related slowdowns at Sembcorp, the Singaporean yard building the FPSO, he said. These challenges will likely set Johan Castberg' s deployment back by about one year. 
 

chart_expert123      ( Date: 21-Oct-2021 22:30) Posted:

👏 👏 👏 👏 👏 👏 👏

Very positive. Only you but not the facts.

Trade with care and everyone do ur own due diligence.

I don't know what is the terms in the contracts. Just quoted solitaire case how a tow away project will impact.

It will not just as simple as contracts cancellation, loss stop here. Obviously, sembmar and equinor will be sued to international court and lengthy lawsuit is waiting for sembmar after the fpso left sembmar shipyards.

better      ( Date: 21-Oct-2021 22:21) Posted:

That depends on whose fault it was. The hull is Equinor' s own design and investigation report last year did not pin point the fault on anyone. Accordingly, Equnior had approved the work at every stages of the hull construction until the error was discovered.

According to Equinor, the investigation team did not find any single event which could have been a direct cause for the welding quality issues.......

Furthermore, Equinor has not sufficiently complied with its own work processes and procedures for risk management, construction management, and follow-up at the construction site.

Even if Equinor' s follow-up team found signs of poor quality at an early stage, the extent and degree of seriousness were not understood. Sufficient measures were therefore not implemented.

Finally, Equinor' s follow-up team has not had enough personnel with experience and expertise in welding and welding control and has not utilized the company& rsquo s technical expertise in these areas early enough, the Norwegian company said.

Also, SCM had paid its due by rectifying most of the faults for free. The hull needs to be moved now for immediate topsides integration to avoid further delay. Any outstanding hull rectification work can be done at the same yard.

On the balance, a positive for Sembmarine.
 
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chart_expert123
Master
21-Oct-2021 22:45     
 
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Yells: "Only buy stock with revenue or net cash flow growth!!!!"
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 Alert Admin 		Pipe laying vessel worth around 200-300mio vs a fpso which can worth 1-5bil.

The implications are huge. doubt if Norwegian will just simply let go the FPSo which has schedule for a oil and gas field production to earn 40mio per day.

🤔 🤔 🤔 .

chart_expert123      ( Date: 21-Oct-2021 22:35) Posted:

142.34mio ended up compensated 424.8mio. 3 times

chart_expert123      ( Date: 21-Oct-2021 22:33) Posted:

In case, you missed out my early posts here is solitaire case.happen in 1997 end in 2006. It was very famous in the industry.

https://www.offshore-mag.com/rigs-vessels/article/16792680/sembcorp-to-pay-allseas-vessel-compensation

(Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.

Allseas had commissioned SembCorp's subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993.

But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time.

Both parties then took each other to court and the case has been under arbitration in London since 1995
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Sgvale
Supreme
21-Oct-2021 22:38     
 
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 Alert Admin 		8c better sell & leave. Once becomes 7 series no hope. Been at 8c ding dong for sometime.
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chart_expert123
Master
21-Oct-2021 22:35     
 
chart_expert123 About Contact  Quote this Post!  
Yells: "Only buy stock with revenue or net cash flow growth!!!!"
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 Alert Admin 		142.34mio ended up compensated 424.8mio. 3 times

chart_expert123      ( Date: 21-Oct-2021 22:33) Posted:

In case, you missed out my early posts here is solitaire case.happen in 1997 end in 2006. It was very famous in the industry.

https://www.offshore-mag.com/rigs-vessels/article/16792680/sembcorp-to-pay-allseas-vessel-compensation

(Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.

Allseas had commissioned SembCorp's subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993.

But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time.

Both parties then took each other to court and the case has been under arbitration in London since 1995.

chart_expert123      ( Date: 21-Oct-2021 22:30) Posted:

👏 👏 👏 👏 👏 👏 👏

Very positive. Only you but not the facts.

Trade with care and everyone do ur own due diligence.

I don't know what is the terms in the contracts. Just quoted solitaire case how a tow away project will impact.

It will not just as simple as contracts cancellation, loss stop here. Obviously, sembmar and equinor will be sued to international court and lengthy lawsuit is waiting for sembmar after the fpso left sembmar shipyards
 Useful To Me  Not Useful To Me
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