SSP Offshore has signed a memorandum of understanding (MoU) with an unnamed strategic partner to jointly carry out floating storage, production and offloading (FPSO) projects in Brazil and West Africa.
The company said it will pursue FPSO projects based on its proprietary round SSP designs.
According to SSP, the new unnamed partner has worldwide experience in the fabrication, installation and operation of offshore floating oil and gas infrastructure.
Under the MoU, the new entity will bid the SSP design for FPSO projects over the next three years in Brazilian waters.
SSP Offshore will collaborate with the new partner over a period of three years through a joint venture (JV) structure for all Brazilian FPSO projects.
The deal will also enable the cooperation of the parties on a non-exclusive basis for FPSO projects outside Brazil, with a focus on prospective projects in West Africa.
SSP Offshore CEO Paul Illingworth said the new strategic partner is a recognised world leader in all components of FPSO project execution and operations, and will provide SSP Offshore with a significant degree of technical and commercial execution experience and credibility along with reliable in-country fabrication capacity in Brazil.
"In addition, this relationship provides SSP Offshore access to long-standing fabrication experience and capacity in key West African countries, which will be critical to the success of the commercialisation strategy that we have been pursuing in the West African region over the past two years," Illingworth said.
SSP has also formed a coordination committee to identify the particular projects to be jointly carried out under the MoU.
The company expects that the first bids will be submitted in the upcoming quarters.
In August 2012, SSP signed a revised MoU with its prospective Brazilian partner to jointly commercialise the company’s SSP Hub circular hull design.