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Petroleum industry

Bouygues Offshore Secures $1.11 Billion Contract for Girassol Field Development

Strategic Insights

— 2 min read

Bouygues Offshore, a leading international contractor, has announced the award of two contracts by Elf Exploration Angola for the development of the Girassol field in Angola. The contracts are valued at approximately $1.11 billion, with Bouygues Offshore's share amounting to $485 million. The Girassol field is located in Block 17, approximately 4,430ft (1,350m) offshore Angola, under a Production Sharing Agreement (PSA) with Sonangol as the concessionary and Elf Exploration Angola as the operator.

The contracts involve the design, engineering, procurement, construction, and installation of a Floating Production Storage and Offloading (FPSO) barge and offloading buoy, as well as the supply of flowlines, umbilicals, and risers. Bouygues Offshore will lead the joint ventures Mar Profundo Girassol and Alto Mar Girassol, which will handle the respective contracts. The FPSO will have a storage capacity of 2,000,000 barrels and a production capacity of 200,000 barrels per day. Installation of the FPSO and the buoy is scheduled to take place in two separate phases, with the first phase set to begin in the second half of 2000.

"The awarding of these two contracts constitutes a significant milestone in Bouygues Offshore's position in the deep offshore market," said Herv Le Bouc, Chief Executive Officer. "These contracts establish our entry into deep water subsea development, as well as validate our leadership position in the FPSO market for which we have received $500 million of new orders since the beginning of 1998."

Key Takeaways:

  • Bouygues Offshore has secured a $1.11 billion contract for the development of the Girassol field in Angola's Block 17.
  • The contracts involve the design, engineering, and installation of a Floating Production Storage and Offloading (FPSO) barge and offloading buoy, as well as the supply of flowlines, umbilicals, and risers.
  • The FPSO will have a storage capacity of 2,000,000 barrels and a production capacity of 200,000 barrels per day.
  • Bouygues Offshore will lead the joint ventures Mar Profundo Girassol and Alto Mar Girassol, which will handle the respective contracts.
  • Installation of the FPSO and the buoy is scheduled to take place in two separate phases, with the first phase set to begin in the second half of 2000.
  • This contract marks Bouygues Offshore's entry into deep water subsea development and validates its leadership position in the FPSO market.
  • The company has received $500 million in new orders for the FPSO market since the beginning of 1998.

Statistics:

  • $1.11 billion: Total value of the two contracts awarded to Bouygues Offshore
  • $485 million: Bouygues Offshore's share of the contract
  • 2,000,000 barrels: Storage capacity of the FPSO
  • 200,000 barrels per day: Production capacity of the FPSO
  • 4,430ft (1,350m): Water depth of the Girassol field
  • 50/50: Joint venture stake of Bouygues Offshore S.A. and ETPM S.A. in Mar Profundo Girassol
  • 1/3: Stake of each company in Alto Mar Girassol
  • 2000: Scheduled start year for FPSO installation
  • 2002: Scheduled start year for the second phase of development

Sources:

  • Business Wire, July 8, 1998
  • Bouygues Offshore S.A. press release, July 8, 1998

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