Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM
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Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM

Drydocks World, a DP World Company, and Aker Solutions have formed a joint venture to upgrade a Floating Production Storage and Offloading (FPSO) vessel for the Rosebank oil and gas field in the UK.

The new joint venture combines the complementary strengths, resources, and experience of Drydocks World’s leading marine and offshore services with Aker Solutions’ integrated solutions, products and services to cater for the needs of the global energy industry, state news agency WAM reported.

The joint venture signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr. The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.

The contract was officially signed in Dubai at DP World’s Head Office by Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Chairman of Drydocks World; Sturla Magnus, Executive Vice President, Topsides and Facilities at Aker Solutions; and Arne Hygen Tørnkvist, EVP of Altera Infrastructure.

Aker Solutions will handle the detailed design and procurement of equipment in Norway, while Drydocks World will be responsible for the fabrication and construction work at their yard in Dubai.

Commenting on the cooperation, Bin Sulayem said: “This joint venture between Drydocks World and Aker Solutions will deliver world-class maritime engineering and construction solutions to the global energy industry. The sector needs smart, collaborative partnerships like this to ensure sustainable production and to successfully transition equipment and vessels for the future. Today’s announcement is an important step forward.”

Capt. Rado Antolovic PhD, CEO of Drydocks World-Dubai, said: “Based on our strong prior working relationship and the aligned cultures of each partner, the new joint venture between Drydocks World and Aker Solutions will bring the shared strengths and values of both companies and provide a range of solutions including engineering, procurement and construction to a global market.”

Kjetel Digre, CEO of Akers Solutions also said that “collaboration and partnerships are at the core of how we work. In Drydocks World-Dubai, we have a world-class partner in developing solutions, and we look forward to continuing our long-term relationship by delivering jointly towards the Rosebank oil and gas field development project.”

Tørnkvist, for his part said: “I am very pleased to sign this contract on behalf of Altera - being the owner of the Petrojarl Knarr FPSO. The FPSO will operate for up to 25 years in the most challenging environment on the planet. I see this as a start of a strong and long-term relationship with Drydocks World.”



World Bank Announces $700 Mln in Financing for Egypt

The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
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World Bank Announces $700 Mln in Financing for Egypt

The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh

The World Bank announced on Monday $700 million of budget support for Egypt, part of a 3-year, $6 billion program that the bank pledged earlier this year.

The $700 million is designed to help Egypt boost private sector participation, macroeconomic and fiscal resilience, and a greener growth trajectory, the World Bank said in a statement.