Wednesday, January 26, 2011

Container Shipping Is Not The Only String To The Danish Giant's Bow

Maersk Pay Over $1 Billion For A Single Vessel
Shipping News Feature

DENMARK – BRAZIL – For most of our readers the name Maersk summons up a picture of the largest container ship operator and supply vessel operator in the world but news this week demonstrates that there is a lot more to the A P Moller-Maersk group than conveying cargo around the globe.

The Maersk Peregrino is, by some way, the most expensive vessel ever to join the Danish giant’s fleet, indeed so far the cost of the Singapore built ship exceeds $1 billion. Maersk Peregrino is actually an oil platform vessel, designed to anchor up on the Campos Basin oil field of the Brazilian coast and, whilst her fleet sisters ply the seven seas with freight across the globe, she will sit, resting possibly for thirty years producing oil from the field in which Maersk Oil have invested $2.4 billion in assets.

Now the vessel is hooked up, after more than three years of design, development, construction and transfer from Singapore, there will be months more of connecting to lines to the wells, testing systems and getting the Maersk Peregrino ready for the final milestone, which is the first time oil will be processed onboard.

One last challenge in the final process was the customs clearance and Brazilian authorities’ approval which took place in Rio de Janeiro during the Christmas holidays. But the team in Rio was properly prepared and say they performed well in a great partnership with the customer, Statoil. The result was a smooth inspection during the holidays and the Maersk Peregrino could proceed as the Groups first FPSO ( floating production, storage and offloading unit) in the Brazilian offshore sector. Claus V. Hemmingsen, partner and chairman of Maersk FPSO’s commented:

“Back in 2006 we decided to enter the Brazilian market due to the very attractive outlook and I am pleased to see this is now fulfilled. The Group's emphasis on emerging markets and on Brazil is supported by the Maersk Peregrino and is also illustrated by Maersk Oil’s latest acquisition in the area.”