Fjerning av aksje: FPS Ocean AS (FPSO) |
Corporate actions |
2011-10-25 15:05:44 |
FPS Ocean AS (ISIN:NO0010313596, ticker FPSO) er fjernet fra handelsstøttesystemet |
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FPSO – FPS Ocean AS – selskapet flyttes til B-listen f.o.m. 27. februar 2009 |
Company news |
2009-02-26 15:36:47 |
Denne meldingen er lagt inn av Fondsmeglernes Informasjonstjeneste AS. Det vises til selskapets melding 19.02.09 om at selskapet har begjært oppbud. Aksjene i selskapet er ikke nullet ut. Av hensyn til aksjonærene vil selskapet foreløpig ikke bli strøket fra OTC-listen, men flyttes ned på B-listen fordi informasjonsplikten som gjelder for selskaper på A-listen ikke kan oppfylles fullt ut. |
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FPS Ocean AS - filing for bankruptcy |
Company news |
2009-02-19 16:10:34 |
February 19th, 2008
The Company's plan to restructure its capital base and attract new financing as previously outlined, has failed. Subsequent efforts to raise interim funding to continue operations in expectation of an employment contract for "DeeP Producer 1" (DP 1) in the near term has also failed. The Board of Directors therefore see no alternative but to place the Company and its subsidiaries FPSO Management AS, DP Producer AS and DP Offshore AS into bankruptcy.
The Board and the Company's new management has since August 2008 worked to:
a) secure the conversion progress and limit the cost overrun on the DP 1 FPSO conversion project in Dubai;
b) intensify the marketing towards potential clients to secure an employment contract for DP 1; and
c) together with Pareto Securities as financial advisor, secure additional financing to complete the DP 1 conversion.
During the early stages of this process and as the global financial crisis unfolded, it became clear that raising the necessary financing would be impossible without a substantial restructuring of the Company's capital base. It was decided in late November 2008, to terminate the DeeP Producer 2 project and commence the liquidation of DP Offshore AS.
The restructuring plan involved the write down of equity and debt, conversion of debt (and certain guarantee obligations) to equity, increasing the 1st priority loan facility and raising of new capital through a share issue. Shareholders, bondholders and the bank conditionally approved the plan in December 2008. In addition, a voluntary payment moratorium until February 15th, 2009 for trade creditors was initiated in late November 2008.
On this basis, encouraged by prospects of a long term employment contract for DP 1 with an oil major and strong investment interest from a recognized FPSO operator, the Company launched a private placement share issue in January 2009. The private placement was extended to allow this investor to carry out a detailed due diligence process and to put an investment proposal before its board. On February 9th, this effort failed as the investor decided not to pursue the proposed investment in FPS Ocean shares.
Following the failed private placement, the Board and management worked to obtain interim financing. Discussions were held with an FPSO operator, included the oil major and certain of the Company's suppliers, but did not result in any meaningful financing commitment by February 16th.
This week, the Board and management brought the yard in Dubai together with the 2nd priority bondholders in a final attempt to find an interim funding solution, but without success.
The Company has had meetings and exchanges of a technical and commercial nature with several oil majors. Although the Board and management believe a contract opportunity exists, the deep global economic downturn and resulting weaker oil prices have delayed client decisions with respect to field development commitments and FPSO awards.
The Board has now concluded that a near term contract with an oil major is unlikely, and recent discussions have not materialised in sufficient interim funding. The Board sees no other means of resolving the Company's immediate funding requirements. The Company and its subsidiaries are unable to meet their payment obligations and the Board has therefore decided to put the Company and its three subsidiaries into bankruptcy.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact Chairman Erland P. Bassøe at +47 23001000 or 24117910. |
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http://www.fpsocean.com
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FPS Ocean AS - Company update and EGM cancellation |
Company news |
2009-02-10 16:36:40 |
February 10th, 2009
Reference is made to the Company's rescue plan as described in various OTC announcements and the OTC announcement on February 3rd calling for an Extraordinary General Meeting (EGM) on February 12th to resolve the overall restructuring plan.
Over the last several weeks, management has worked closely with a major FPSO industrial investor considering acquiring close to 60% of the shares in the ongoing private placement. The Company also had dialogues with a small number of other investors considering subscribing for the balance amount. This effort has failed. Accordingly, the Board has decided to cancel the private placement and terminate the share subscription period with immediate effect and also to cancel the EGM scheduled for Thursday, February 12th, 2009.
The Board and management, together with some of the Company's loan creditors, are evaluating options for the Company's future.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
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FPS Ocean AS - New notice to Shareholder Meeting |
Company news |
2009-02-03 08:25:23 |
February 3rd, 2009
Reference is made to the Company's rescue plan as described in various OTC announcements and the OTC announcement on January 28th postponing the Extraordinary General Meeting (EGM) scheduled for the same date. The Company has issued a new notice to shareholders registered as of February 2nd, 2009 for an EGM to be held on February 12th, 2009.
The agenda is unchanged and includes proposals for equity write downs, debt conversion to equity and the issue of new shares in line with the proposed restructuring and in accordance with previous resolutions made by shareholders and bondholders. The notice include an interim audited balance sheet as of December 30th, 2009 in addition to the Board's statement to the EGM as well as registration form and proxy.
The complete notice is attached hereto.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20090203 EGF 0212 Notice + all appendices.pdf
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FPS Ocean AS - Extension of the contemplated Private Placement and postponement of the General Meeting |
Company news |
2009-01-28 08:50:21 |
January 28th, 2009
Reference is made to OTC announcement dated January 20th and 22nd, 2009 where the Company announced a share capital increase of minimum NOK 490 million and maximum NOK 500 million.
The Board of Directors has decided to extend the subscription period until February 11th, 2009, due to substantial and positive indications received from industrial investors.
The conditional written proposals from investors amount to 65 -100% of the required USD 70 million equity funding. The Board of Directors requires additional time to evaluate the proposals and finalize agreements to reach a successful completion of the Company's attempted restructuring.
As a result, the Board cancels the Extraordinary General Meeting scheduled for January 28th and a new notice to shareholders will be sent out for a new Extraordinary General Meeting to be convened at or around February 11th.
The private placement is divided into two tranches; (i) tranche A, conducted towards, Norwegian investors and international institutional investors and to investors in such other jurisdictions as permitted or catered for by exemption rules under applicable securities laws with a minimum subscription price of EUR 50,000 and (ii) tranche B, directed towards existing shareholders, as registered in the VPS as of January 21st, 2009, with no minimum application amount, raising gross proceeds of minimum NOK 490 million and maximum NOK 500 million. The share price has been set to NOK 1 per share.
The Company has retained Pareto Securities AS as financial advisor.
FPS Ocean AS is listed on the Norwegian over-the- counter (N-OTC) under ticker code FPSO, on website http://www.nfmf.no. News release will be posted on the Company's website www.fpsocean.com
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
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FPS Ocean AS - Company update |
Company news |
2009-01-23 11:06:55 |
January 23rd, 2009
Reference is made to OTC announcement dated January 20th, 2009 where the Company submitted a notice for an extraordinary general meeting (EGM) to be held on Wednesday January 28th, 2009 with the purpose of resolving, inter alia, a capital restructuring of the company.
For further information about the Company's current situation, please refer to the attached Company presentation.
All OTC announcements can be downloaded - with attachments - from our website www.fpsocean.com under "Investor relations/News".
FPS Ocean AS is listed on the Norwegian over-the- counter (N-OTC) under ticker code FPSO, on website http://www.nfmf.no
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20090122 FPSOcean Company update draft.pdf
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FPSO - FPS Ocean AS - Contemplated private placement |
Company news |
2009-01-22 09:15:24 |
January 22nd, 2009
Reference is made to OTC announcement dated January 20th, 2009 where the Company submitted a notice for an extraordinary general meeting (EGM) to be held on Wednesday January 28th, 2009 with the purpose of resolving, inter alia, a share capital increase in the company.
The Company has retained Pareto Securities AS to advice on and effect a private placement of shares divided into two tranches; (i) tranche A, conducted towards, Norwegian investors and international institutional investors and to investors in such other jurisdictions as permitted or catered for by exemption rules under applicable securities laws with a minimum subscription price of EUR 50,000 and (ii) tranche B, directed towards existing shareholders, as registered in the VPS as of January 21st, 2009, with no minimum application amount, raising gross proceeds of minimum NOK 490 million and maximum NOK 500 million. The share price has been set to NOK 1 per share.
The book will open at 09:00 (CET) on January 22nd 2009 and close at 18:00 (CET) on January 27th 2009, however, the Board of Directors may at their own discretion close the application period earlier.
The shares are not tradable until the share capital increase has been resolved by the Company's EGM, the shares has been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises and the VPS.
FPS Ocean AS is listed on the Norwegian over-the- counter (N-OTC) under ticker code FPSO, on website http://www.nfmf.no
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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FPS Ocean AS - New share issue - notice to Shareholder Meeting |
Company news |
2009-01-20 15:54:44 |
January 20th, 2009
Referring to the Company's rescue plan as described in various announcements made on November 28th, December 5th, 8th and 18th 2008, a notice of an extraordinary general meeting to be held on January 28th, 2009, has been sent (via VPS) to shareholders registered as of January 20th 2009.
The agenda includes proposals for equity write downs, debt conversion to equity and the issue of new shares in line with the proposed restructuring and in accordance with previous resolutions made by shareholders and bondholders.
The notice is attached hereto.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20090120 Notice to EGM 28 January 2009.pdf
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FPS Ocean AS - Company Update |
Company news |
2008-12-18 18:28:05 |
December 18th, 2008
With reference to previous announcements regarding the Company's overall restructuring plan, the Company announces that the Extraordinary General Meeting on December 12 unanimously voted in favour for supporting the restructuring plan presented in the announcements made on December 5 and 8. On December 18, the Bondholder meetings for each of the Company's three bond loans also voted in favour of the restructuring plan including conditional approval to write down debt and convert the written down debt to equity. On this basis, the Board has decided to continue the Company's activities including inviting investors to commit new funding up to USD 70 million in January 2009 in order to complete the DeeP Producer 1 FPSO conversion project.
For further details, see minutes from the Extraordinary General Meeting and from the Bondholder meetings attached hereto.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
http://www.fpsocean.com
20081212 EGF Protocol signed.pdf
20081218 Bondholder Meeting minutes.pdf
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FPS Ocean AS - Company Update |
Company news |
2008-12-08 18:11:32 |
December 8th, 2008
A revised version of the Company Presentation released in OTC announcement on December 5th is attached hereto. The change relates to technicalities with respect to the proposed debt reduction and debt to equity conversion proposed in the overall restructuring plan, described in more detail on pages 9 and 10 in the Company Presentation. The change has no commercial impact on the restructuring proposal. No other changes have been made to the Company Presentation.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
FPSOcean_CompanyPresentationDec08final2.pdf
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FPS Ocean AS - Company Update |
Company news |
2008-12-05 14:27:45 |
December 5th, 2008
Referring to announcement made November 28th outlining a proposed financial solution to the Company's financial situation and announcement made earlier today with notice to an Extraordinary Shareholder Meeting, a Company Presentation with more detailed information on the subject matter is attached hereto.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
FPSOcean_CompanyPresentationDec08final.pdf
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FPS Ocean AS - Extraordinary Shareholder Meeting |
Company news |
2008-12-05 13:57:03 |
December 5th, 2008
Referring to announcement made November 28th, 2008 FPSOcean AS has sent (via VPS) a notice to shareholders registered as of December 4th 2008, of an extraordinary general meeting to be held on December 12th, 2008. The notice is attached hereto.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20081204 Notice to EGM 12 Dec 08.pdf
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FPS Ocean AS - Company Update |
Company news |
2008-11-28 14:45:31 |
November 28th, 2008
Referring to announcement made October 15th, 2008 FPSOcean ("the Company") has further evaluated strategic and financial options to resolve its financing requirement.
This announcement outlines the Company's proposed solution to attract the new financing within a re-structured capital base on which to complete the conversion of "Deep Producer 1". The proposed solution is already approved by the Company's board of directors and supported by its core shareholders as well as reflecting inputs and considerations of key bondholders and the 1st priority lead bank. The proposed solution is subject to formal approvals by all stakeholder groups.
Total financing requirement is estimated at USD 95 million to complete "Deep Producer 1". The financial solution consists of the following main elements:
- Current shareholders willing to commit additional capital at NOK 1 per share;
- New equity requirement of USD 70 million from up to four sources; existing shareholders, 2nd priority bondholders, unsecured bondholders and new investors. Existing shareholders and bondholders will be given preferred allocation;
- Full equity conversion of approximately USD 61 million of unsecured debt valued at approx. USD 9 million at the proposed issue price for new equity of NOK 1 per share. Unsecured debt includes NOK 210 million (approx. USD 30 million) of unsecured bonds, NOK 175 million (approximately USD 25 million) of convertible bonds and approximately USD 6 million of estimated unsecured debt to "Deep Producer 2" creditors;
- 2nd priority bond holders with USD 50 million of debt reduction (from USD 75 million to USD 25 million). Existing 2nd priority bondholders (on an individual basis) will, at the reduced value of USD 25 million, have the option to either A) maintain their 2nd priority bond, B) convert their bonds to equity at NOK 1 per share, or C) convert their bonds into a new (up to USD 25 million) convertible bond;
- Existing USD 50 million 1st priority bank loan commitment from lenders to be increased to USD 75 million, already approved by the lead bank's credit committee and board of directors, subject to inter alia approval from GIEK and the "Deep Producer 1" conversion project being fully financed.
The revised capital structure reflects a total capital base of approximately USD 176 million, providing an attractive recovery potential for new money.
Post-transaction equity value will constitute approximately USD 80 million (equalling approximately 45%) of the new capital base, hereunder USD 70 million of new, paid-in equity and approximately USD 10 million of pre-money equity from the conversion of unsecured debt (approx. USD 9 million) and valuation of existing equity at NOK 1 per share (approx. USD 1 million). The remaining USD 95 million will constitute of USD 70 million of 1st priority bank debt and approximately USD 25 million of re-structured 2nd priority debt or convertible bond (if not converted to equity at the bondholder's option).
The Company is in the process of calling for an extraordinary shareholder meeting as well as bondholder meetings to be held in the near future in order to present and approve the proposed solution. The Company is in dialogue with Norsk Tillitsmann ASA as the Trustee of the convertible, unsecured and 2nd priority secured bond loans. The Company aims to conclude this process inclusive of raising new capital by no later than the end of January 2009.
To preserve available cash during this period of time, the Company will seek agreements with vendors and lenders to temporary standstill of payments from FPSOcean AS and its subsidiary DP Producer AS until February 15th 2009.
The Company, together with its financial advisor Pareto Securities AS, will work actively to raise the required USD 70 million of equity among the current group of stake-holders as well as targeting new investors. This process will run in parallel with obtaining approvals from the involved bondholder groups. The post-transaction capital base of approximately USD 175 million, versus the approximately USD 335 million total DPP1 conversion cost, is considered to offer a significant upside potential for the re-financed FPSOcean while providing an attractive entry point for new investors.
The proposed solution will form the basis for continued conversion and a successful pre- and post-delivery financing of "Deep Producer 1". The overall schedule implies mechanical completion estimated by end of January 2009 and "sail away" from the yard expected by late May 2009.
The above schedule and cost are the result of a detailed review of all remaining work packages and deliveries by a 14 member task force including internal and external experienced personnel as well as individual negotiations with key suppliers and the yard, Drydocks World-Dubai (DWD).
The "DeeP Producer 1" conversion is currently approximately 89% complete, in line with current schedule and within the approved cost estimate. All major equipment is already at site, except the dis-connectable buoy expected to arrive in February 2009. Remaining scope of work is essentially related to completion of electrical and instrumentation work, completion of living quarters, some piping installations and commissioning/sea trials.
The yard contract has been renegotiated to include a lump sum and a defined schedule with a bonus and penalty mechanism designed to meet the estimated mechanical complete date. The contract amendment also provides revised plans, organization and reporting processes to significantly improve control of project progress and quality. FPSOcean has provided offers to DWD for additional skilled workers to improve capacity and progress at the yard. Key supplier contracts are being renegotiated to include a high level of commitment to deliver remaining scope within an agreed timeframe and costs.
Management is in dialogue with potential clients for future employment of 'DeeP Producer 1' with identified contract opportunities for planned start up during late 2009 or early 2010 with oil majors or national oil companies.
Following the appointment of Einar Saunes as new CEO several adjustments have been made to the organization, including hiring additional people for critical project engineering, construction and commissioning activities as well as project management and cost control. In addition, reporting lines and work processes have been adjusted to increase focus on conversion progress and cost control. Management is also in the process of implementing certain cost reduction actions, including optimizing the work force in Oslo as well as on site in Dubai.
The above proposed solution includes activities to terminate the "Deep Producer 2" conversion project. Such liquidation will include the sale of the Aframax tanker "Semakau" with all belonging equipment (turbines, thrusters, etc.) and is estimated to lead to an unsecured claim on FPS Ocean AS of approximately USD 6 million as a result of current guarantees provided by FPS Ocean AS to financial creditors to its DPP2 subsidiary covering the (net) negative liquidation value of the DPP2 project, which, in this proposal, is included as unsecured debt of USD 6 million in the debt to equity conversion. Following this, FPS Ocean AS will have no further financial or operational commitments from the "Deep Producer 2" conversion project.
Pareto Securities AS has been mandated to assist the Company in raising additional equity and is also leading the company's dialogue with bondholders and strategic investors.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
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FPS Ocean AS - 2008 Q3 Report and Company Update |
Company news |
2008-11-13 12:09:04 |
November 13th, 2008
Highlights during the 3rd Quarter
* The conversion of MT 'Laurita' into the DP FPSO 'DeeP Producer 1' continued throughout the Quarter, with conversion progress reaching 84% by the end of the 3rd Quarter after the baseline was revised to "sail away" by late May 2009.
* During the Quarter, the Board initiated management changes, including the replacement of the CEO, and a thorough project review to establish confidence in a new baseline and cost budget for 'Deep Producer 1', including a redefinition of schedule milestones and work processes and renegotiation of the yard contract with Drydocks World-Dubai (DWD) with a lump sum and a bonus/penalty structure.
* The Company took delivery of MT 'Semakau' and secured about USD 41 million of financing for the vessel and other key equipments for a future "DeeP Producer 2" FPSO conversion.
* Several lease prospects for 'DeeP Producer 1' were further developed and will be tendered in the 4th Quarter 2008 and 1st Quarter 2009 and the Early Well Test vessel concepts for 'DeeP Producer 2' were further detailed and verified to a marketable concept for MT 'Semakau' through a client paid study.
The 3rd Quarter 2008 consolidated unaudited accounts, prepared in accordance with the International Financial Reporting Standard (IFRS), show EBITDA of USD -8,3 million (USD -1,6 million for the same quarter last year) and Net Result of USD - 55,2 million (USD -0,5 million for the same quarter last year).
The Net Result was affected by the Board's decision to write down the value of the 'DeeP Producer 1' by USD 30,0 million, the MT 'Semakau' by USD 12,4 million and certain other 'DeeP Producer 2' assets by USD 7,4 million, a total of USD 49,7 million. These write downs reflect the higher return required by investors and lenders for investments generally resulting from the current global financial distress and lower second hand value on shipping assets already materializing in the maritime industry.
For further details on the 3rd Quarter financials and Company update, please refer to the Company's 3rd Quarter Report and Group consolidated Accounts attached hereto.
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FPSOcean owns the shuttle tanker MT "Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion and "sail away" from yard by late May 2009 and expected to produce "first oil" during the 3rd quarter 2009. FPSOcean has purchased the Aframax tanker MT "Semakau", and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" by mid 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 8 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
2008 Q3 Quarterly Report and Accounts FINAL.pdf
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FPS Ocean AS - Company Update |
Company news |
2008-10-15 08:51:03 |
October 15th, 2008
Referring to announcements made on August 19th and 21st, the Company has carried out a thorough review of the remaining scope of work and contracts terms with major counterparts in order to qualify a final cost estimate and schedule to complete the conversion of "DeeP Producer 1", to form the basis for a solid continued operations of FPSOcean and a successful financing solution.
The Company has proposed and the Board of Directors has approved a new overall schedule with mechanical completion expected by end of January 2009 and "sail away" from the yard expected by late May 2009 and an overall cost to "sail away" (including commissioning and sea trials) amounting to USD 335 million.
The new overall cost budget will require approximately USD 85 million of new funding to complete "DeeP Producer 1". In addition the Board of Directors proposes to raise sufficient funds to fully finance the company (including working capital for the "DeeP Producer 2" project currently in standby mode) until the end of the 2nd quarter 2009 as revenue is expected to be generated from the 3rd quarter 2009.
Total new financing proposed is USD 100 million. Management and the Board are working with its lenders to explore the possibility of increasing the 1st priority construction loan and with its core shareholders to raise additional equity or subordinated capital. Pareto has been mandated to assist the Company in raising additional equity or subordinated capital and is also leading the company's dialogue with strategic investors.
The "DeeP Producer 1" conversion is close to 90% complete and all major equipment is already at site (except the disconnectable buoy expected to arrive in December). Remaining scope of work is essentially related to completion of electrical and instrumentation work, completion of living quarters, some piping installations and commissioning/sea trials.
The above schedule and cost are the result of a detailed review of all remaining work packages and deliveries by a 14 member task force including internal and external experienced personnel as well as individual negotiations with key suppliers and the yard, Drydocks World-Dubai.
The yard contract is being renegotiated to include a lump sum and a defined schedule with a bonus and penalty mechanism designed to meet the estimated mechanical complete date. FPSOcean has provided offers to DWD for additional skilled workers to improve capacity and progress at the yard. Key supplier contracts are being renegotiated to include a higher level of commitment to deliver remaining scope within an agreed number of hours and within an agreed timeframe.
Following the appointment of Einar Saunes as new acting CEO several adjustments have been made to the organization, including hiring additional people for critical project engineering, construction and commissioning activities as well as project management and cost control. In addition, reporting lines and work processes have been adjusted to increase focus on conversion progress and cost control.
Equipment packages for "DeeP Producer 2", including the vessel "Semakau", Siemens turbines and Schottel thrusters have been successfully financed until mid 2009. The company is preparing for an estimated USD 3 million FEED project with an oil major for this vessel and has obtained an early release of some of the funds. If successful, this FEED is expected to be followed by a contract award during the 1st quarter 2009.
Management is conducting dialogues with several oil majors for possible future contract award for 'DeeP Producer 1'. Specifically, management is pursuing three opportunities for a "DeeP Producer 1" contract award with planned start up during the 3rd or 4th quarter 2009 and one opportunity for "DeeP Producer 2" with oil majors or national oil companies in addition to the FEED follow-on prospect mentioned above.
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FPSOcean owns the shuttle tanker MT "Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion and "sail away" from yard by late May 2009 and expected to produce "first oil" during the 3rd quarter 2009. FPSOcean has purchased the Aframax tanker MT "Semakau", and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" by mid 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 8 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Einar Saunes or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
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FPS Ocean AS - Updated Company presentation |
Company news |
2008-09-12 13:34:09 |
September 12th 2008
Latest company presentation from the recent Pareto oil & offshore conference attached.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion and "sail away" from yard by the end of the 1st quarter 2009 and expected to produce "first oil" during the 3rd quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2", during 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 8 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910.
Website: www.fpsocean.com. |
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http://www.fpsocean.com
2008 Pareto Conf 11th Sept company presentation FINAL.pdf
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FPS Ocean AS - Management changes - new CEO |
Company news |
2008-08-21 15:28:05 |
August 21st 2008
The company's CEO, Mr. Georg S. Onsrud, has reached an agreement with the Board of Directors to resign from his position and will leave the company with immediate effect. Mr. Onsrud has participated in building the company from scratch in a very challenging market environment.
Mr. Einar Saunes, currently Project Director with responsibility for the company's second conversion project, will take over as CEO. Mr. Saunes joined the company in April 2008 from Aibel AS were he held the position as Senior Vice President, Business Unit Process and Facilities supplying complete process modules to oil & gas floating and fixed installations worldwide. He has more than 25 years of extensive management experience from senior positions in ABB and Alstom.
The Chairman of the Board of Directors and co-founder of FPS Ocean, Erland P. Bassøe, will take up the position as working Chairman until the vessel is delivered from the shipyard. Mr. Bassøe has extensive experience from the offshore industry as co-founder and co-owner of several successful companies including companies with offshore units under construction such as Scorpion Offshore, Seajacks, Floatel International and Bass Drill.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion and "sail away" from yard by the end of the 1st quarter 2009 and expected to produce "first oil" during the 3rd quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during the 1st half of 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact the Chairman Erland P. Bassøe at +47 23001000 or CFO Christian Mowinckel at +47 24117910. |
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http://www.fpsocean.com
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FPS Ocean AS - 2008 Q2 Report and Company Update |
Company news |
2008-08-19 12:02:18 |
August 19th 2008
Highlights during the 2nd Quarter
* The conversion of MT 'Laurita' into the DP FPSO 'DeeP Producer 1' continued throughout the quarter albeit at a slower progress rate than planned for. The 'DeeP Producer 1' conversion was about 91% complete by the end of the 2nd Quarter. Timeline and cost has subsequently been changed as further described below.
* In May and June, the production swivel designed and manufactured by Scana Industrier, was successfully tested and shipped from Norway to the yard in Dubai. The swivel was subsequently installed on the vessel in July.
* During the quarter, management prepared for delivery of the company's second FPSO conversion candidate, the Aframax tanker MT 'Semakau Spirit' (renamed 'Semakau') which was subsequently delivered in July.
The slower than expected progress at the yard has led the company to revise the 'DeeP Producer 1' conversion schedule and cost estimate. The schedule has been deferred with completion and "sail away" from yard expected by the end of the 1st quarter 2009. The overall cost estimate has been increased from USD 250 million to USD 307 million, partly resulting from this 6 month extension to the conversion period.
The Board has initiated a review of the remaining scope of work and contracts terms with major counterparts in order to qualify the new cost estimate and to work out a financing solution.
The company has completed the USD 20 million financing of MT 'Semakau' and is in the process of finalizing two more financing transactions amounting to approximately USD 17 million to fund core assets for 'DeeP Producer 2', enabling the company to retain control of the MT 'Semakau' and certain long lead items for later FPSO conversion.
Based on the new cost estimate for "DeeP Producer 1" and some working capital required for "DeeP Producer 2", the company's funding requirement up to end of the 1st quarter 2009 is estimated to be approximately USD 70 million.
Management is conducting dialogues with several oil majors for possible future contract award for both 'DeeP Producer 1' and 'DeeP Producer 2'.
For further details on the 2nd Quarter financials and Company update, please refer to the Company's 2nd Quarter Report and Group consolidated Accounts attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion and "sail away" from yard by the end of the 1st quarter 2009 and expected to produce "first oil" during the 3rd quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2", during the 1st half of 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Georg Sverdrup Onsrud or CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
2008 Q2 Quarterly Report and Accounts FINAL.pdf
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FPS Ocean AS - Second conversion tanker delivered |
Company news |
2008-07-29 12:45:56 |
29th July 2008
Reference is made to company update of 18th May 2007 regarding the purchase of the double sided Aframax tanker "Semakau Spirit". The company has through its subsidiary DP Offshore AS taken delivery as planned and changed the name of the vessel to "Semakau". The company is working with specific contract opportunities for the vessel, which will be placed in lay-up until planned entry to yard for FPSO conversion during 2Q09. After conversion the vessel will change name to "DeeP Producer 2". The company has financed the acquisition with a sale lease back agreement arranged by R.S. Platou Finans with an option to repurchase the vessel anytime after 6 months and an obligation to repurchase after 18 months. The company has signed an agreement with Fleet Management Limited for technical management and crewing of the tanker.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "MT Semakau" and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2009. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years. FPSOcean has an organization of about 60 experienced personnel.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements. |
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http://www.fpsocean.com
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FPS Ocean AS - new share option program |
Company news |
2008-06-12 13:56:16 |
June 12th, 2008
Reference is made to resolutions passed in the Annual General Meeting on June 4 announced on June 5th, regarding authority for the Board to issue shares including up to 400.000 shares in connection with a new share option program for management and key employees. The new share option program replaces the existing share option program and all granted and outstanding options hereunder are cancelled.
The main terms and conditions of the new share option program includes a vesting period over 3 years (with 1/3 vesting after 12, 24 and 36 months respectively) and all share options must be exercised within 4 years. The strike price has been set at NOK 72 per share, equal to the strike price in the convertible bond issued in February 2008 (to be adjusted for interest cost from Q2 2011 onwards).
Under the new share option program, 382.000 share options were granted to management and key personnel. Details of holdings among primary insiders are shown in the attachment hereto. On a fully diluted basis, management may control up to 3.87% of the total voting shares in the company.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20080612 Attachment OTC - Share Option program - allocation Jun 08.pdf
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FPS Ocean AS - Annual General Meeting resolutions |
Company news |
2008-06-05 14:25:52 |
June 5th, 2008
All resolutions proposed by the Board were unanimously approved by the Annual General Meeting on June 4, 2008. The minutes (in Norwegian language) from the Annual General Meeting are attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
20080604 AGM Protocol FPS Ocean AS.pdf
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FPS Ocean AS - 2007 Annual Report |
Company news |
2008-05-28 15:42:08 |
May 28th, 2008
The 2007 Annual Report, including Directors' Report, Group Consolidated Financial Statements, FPS Ocean AS Financial Statements and the Auditor's Report, is attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910 |
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2007 Annual Report FINAL.pdf
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FPS Ocean AS - primary insider transaction |
Company news |
2008-05-20 15:44:46 |
May 20th, 2008
The company announces that Northern Navigation International Ltd, a company where Jan R Næss, Board member of FPS Ocean AS, is indirectly a shareholder, has purchased on May 20th 54.000 shares in FPS Ocean AS at a price of NOK 38 per share. Northern Navigation International's total number of shares held after this purchase is 324.666 shares, equal to 4.29% of total outstanding number of shares in FPS Ocean AS.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910 |
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http://www.fpsocean.com
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FPS Ocean AS - 2008 Q1 Report and Group Accounts |
Company news |
2008-05-15 15:48:01 |
May 15th, 2008
Highlights during the 1st Quarter
* The conversion of "Laurita" into the DP FPSO "DeeP Producer 1" continued throughout the Quarter with the final of three dry-dock sequences successfully completed in early April. The "DeeP Producer 1" conversion was about 84% complete by the end of the 1st Quarter. Project completion was revised from end Q2 to end Q3 2008.
* The management organization was strengthened with several new key personnel employed.
* In January, an operations agreement was executed with Bibby Offshore (Aberdeen, UK) and Greystar (Houston, USA).
* In February, a NOK 175 million convertible bond issue was successfully completed in a private placement, securing full funding for the "DeeP Producer 1" conversion project.
For further details on the 1st Quarter financials and Company update, please refer to the Company's 1st Quarter Report and Group consolidated Accounts attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24117910
Website: www.fpsocean.com. |
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http://www.fpsocean.com
2008 Q1 Report and Group Accounts.pdf
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FPS Ocean AS - turret company update |
Company news |
2008-05-08 09:32:13 |
May 7th, 2008
Reference is made to the Company's OTC announcement dated April 7th regarding the formation of a new company together with Scana Industrier ASA developing technology and equipment for floating production units and the conditional acquisition of Flexible Engineered Solutions Limited (FES Ltd).
Scana and FPSOcean have decided to cancel the announced acquisition of FES Ltd. A due diligence exercise has revealed that the targeted synergies related to technology and markets will be more difficult to realize then expected and an acquisition as such has too small development potential.
Scana and FPSOcean will, however, continue their co-operation for further development of the jointly owned turret/swivel technology for the FPSO market. The first such turret/swivel system is in final stages of testing and will be installed into "DeeP Producer 1" shortly.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 1st quarter 2009. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Georg S Onsrud at +47 24117910
Website: www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - 2007 Annual Audited Accounts |
Company news |
2008-04-14 16:35:27 |
April 14th, 2008
The Board has approved the 2007 Director's Report, Group Consolidated Audited Accounts and FPS Ocean AS Audited Accounts. A Norwegian version of these documents and the Auditor's Report, is attached hereto. For the purpose of printing an Annual Report, an English version will follow in due course.
Some adjustments have been made to the accounts compared to our preliminary accounts released in an OTC announcement on February 13th. The one significant change in the Group consolidated Profit & Loss accounts is the reclassification from financial items to operational items of the USD 1.0 million reduced call option value associated with the company's bond loans. As a result, the Operating Result is reduced from USD - 6.3 million to USD - 7.3 million while the Net Result remains unchanged at USD - 4.4 million with only minor adjustments.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 3rd quarter and availability for first oil during 4th quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20080414 2007 Beretning, Konsernregnskap, FPS Ocean AS regnskap, Rev.erkl. utsendt OTC.pdf
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FPS Ocean AS - joining forces with Scana Industrier ASA and Flexible Engineered Solutions Ltd to create a new technology company |
Company news |
2008-04-07 12:16:24 |
April 7th , 2008
FORMATION OF A NEW TURRET COMPANY
FPSOcean AS and Scana Industrier ASA have agreed to establish a new company which will focus on developing technology and equipment for floating production units. This is a continuation of the ongoing jointly owned development of the DRB (Disconnectable Riser Buoy) turret and fluid transfer system.
The new company has furthermore signed an acquisition agreement with Blyth-Newcastle UK based Flexible Engineered Solutions Limited (FES). The purchase price will be paid partly in cash and partly in shares issued by the new company and with a portion of the purchase price being subject to an earn-out model over a period of time. FES is a recognized supplier of proven fluid transfer systems, FPSO turrets and other specialized equipment serving the international oil & gas industy. The FES technology will complement Scana/FPSOcean's patent pending solutions.
Scana's share of ownership in the new company will initially be above 50% and Scana will have the right to nominate the Chairman of the board. Closing of the transactions is subject to due diligence and final board approvals, and is expected to take place in June.
The ambition of the new company is to create a leading independent provider of equipment to the FPSO market and similar markets including floating LNG production units. The company will continue to utilize Scana technology and manufacturing capacity and will adopt current and future agreements with FPSOcean and other FPSO contractors. The parties expect significant international growth fueled by the access to FES market-position, technology and very capable engineering and project organization.
Publicly available information about the market-segment for floating production indicates a need for at least 15-20 new units per year over the next few years.
The base resources for the new company will comprise parts of the company Scana AMT in Vestby including personnel, technical personnel from FPSOcean and all resources within FES. The new company will continue to be located in Vestby, Blyth-Newcastle and Oslo.
The new company will at the time of establishment employ about 45 engineers and project management personnel and is expected to have an annual turnover of approximately NOK 300 million in the first full year of operations.
"It is a stated ambition for Scana to maximize shareholder values. This joint venture combines the expertise, know-how and market references from FPSOcean, FES and Scana, and allows the new combined company to take the position as the leading independent technology partner for turret based systems to the rapidly growing FPSO market. At the same time Scana will become a strategic supplier of engineered components and metallurgic services to the new company. This combination will give the new company a competitive edge and a good basis for creating significant shareholder values", says Rolf Roverud, CEO of Scana.
Robert Anderson and Ian Latimer of FES comment; "The only two independent suppliers of turret based solutions have joined forces in order to be able to serve the global market place. As a privately owned company FES considered several possible growth restrictions which should now be entirely replaced by significant growth opportunities. We are very exited to join Scana in this effort to build a new leading technology provider."
"FPSOcean is the pioneer customer deploying the DRB developed in co-operation with Scana. Our vision for deployment of disconnect able turret systems goes far beyond the ongoing delivery to our first DP FPSO "DeeP Producer 1". By this strategic move FPSOcean will secure two paramount accomplishments. Firstly the establishment of a technology company that shall be the leading independent supplier of turrets and fluid transfer systems to the international oil and gas industry. This company will possess enabling technology to support our own growth ambition in the deepwater floating production segment. Secondly we are creating value for our shareholders by the holding of a significant minority position in a company with a sound growth potential in a high margin industry", says Georg Sverdrup Onsrud, CEO of FPSOcean.
Scana Industrier's subsidiaries and Scana Offshore Vestby in particular will continue to provide equipment and services to the new company as well as existing customers within the oil and gas segment. Scana targets further growth through a wide range of products and services within the Oil and Gas business unit in general.
"DEEP PRODUCER 1" UPDATE
The 3rd and final dry docking of "DeeP Producer 1" was completed on April 1st with all scheduled work done according to plan, including the construction of all four thruster room blisters and all sub waterline work completed. All structural steel work has now been completed and several packages are progressing well and according to plan, including installation of cable and pipe racks, the hose reel, the deck crane and bridge/house refurbishment as well as fabrication of the flare tower and the emergency generator house. Internal cabling and termination of M20 and M80/90 modules recently installed on deck is progressing well and is almost complete. The moon pool is structurally complete and installation of swivel room equipment will commence shortly. The conversion project was 87 % complete as of end of February.
Certain activities and deliveries including general cabling and termination work at the yard and the delivery of the production swivel from the vendor will not meet the expected completion dates, based on a review of current status and estimation of work outstanding. Assembly of the production swivel is almost complete with successful partial testing of components, but comprehensive full scale testing prior to delivery and time consuming installation work remain behind schedule. As a result, a new time line has been set, deferring the expected "sail away" date from the end of the 2nd quarter to the end of the 3rd quarter 2008.
Consequently, "DeeP Producer 1" availability for "first oil" will be pushed from the 3rd quarter to the 4th quarter 2008. Independently, the date of expected "first oil" on prospects for which FPSOcean is currently discussing employment has been pushed to the 1st quarter 2009, implying no lost revenue opportunity.
Our new "DeeP Producer 1" project cost estimate increases from USD 239 to USD 250 million. However, our cash flow forecast indicates no need for further financing to cover the increased cost to complete "DeeP Producer 1".
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 4th quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Georg S Onsrud or CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - Primary Insider transaction |
Company news |
2008-03-19 13:54:40 |
March 19th, 2008
On March 12th, 2008, Christopher Onsrud bought 550 shares in FPS Ocean AS at a price of NOK 50 per share. After this transaction, he holds 1000 shares in FPS Ocean AS. Christopher Onsrud is the son of Georg S. Onsrud, CEO of FPS Ocean AS.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - Company presentation |
Company news |
2008-03-19 13:34:17 |
March 14th 2008
Latest Company update from early March attached.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20080310 Company update FINAL.ppt
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FPS Ocean AS - major milestone reached |
Company news |
2008-02-27 09:03:10 |
February 27th 2008
Two major equipment modules, the M20 process module and the M80/90 power module, were shipped from Lamprell Energy in Dubai to the Drydocks World-Dubai (formerly Dubai Drydocks) shipyard over the week end. The modules, which were fabricated at Lamprell over the last several months, were successfully lifted onto and fixed to the deck of "DeeP Producer 1" on February 24th and 25th in accordance with plan, safely and without any incident or damage.
For a visual view of the modules under the lift-on operation and fixed to the deck of "DeeP Producer 1", please refer to the attached pictures.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Drydocks World-Dubai (DWD) into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
http://www.fpsocean.com
M20 lift on 1.JPG
M20 and M8090 on deck.JPG
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FPS Ocean AS - Report for the 4th Quarter 2007 and Company update |
Company news |
2008-02-13 16:30:12 |
February 13th 2008
Highlights during the 4th Quarter
* The conversion of "Laurita" into FPSO "DeeP Producer 1" continued throughout the Quarter with the first of three dry-dock sequences successfully completed in October and the second dry-docking initiated in December, and successfully completed by end of January 2008. The "DeeP Producer 1" conversion was about 80% complete by year end 2007.
* FPS Ocean do Brazil Ltda, a subsidiary of FPS Ocean AS, was incorporated in Brazil in October, with offices established in Rio de Janeiro.
* The management organization was strengthened with several new key personnel employed.
* Subsequent to the 4th Quarter, an operations agreement with Bibby Offshore (Aberdeen, UK) and Greystar (Houston, USA) was executed in January 2008.
* Subsequent to the 4th Quarter, a NOK 175 million convertible bond issue was successfully completed in a private placement in January 2008, securing full funding for the "DeeP Producer 1" conversion project.
For further details on the 4th Quarter financials and the Company update, please refer to the Company's 4th Quarter Report and Accounts attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20080213 - Q4 2007 Report and Prel Accounts FINAL.pdf
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FPS Ocean AS - extraordinary general meeting resolutions |
Company news |
2008-02-13 16:00:41 |
February 13th 2008
All resolutions proposed by the Board were unanimously approved by the Extraordinary General Meeting on February 13, 2008. The protocol (in Norwegian language and without enclosures) from the General Meeting are attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20080213 Protocol without encl.pdf
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FPS Ocean AS - notice of general meeting |
Company news |
2008-02-05 12:17:40 |
February 5th 2008
With reference to the Company's OTC announcement made on January 31st 2008, FPS Ocean AS is sending today (via VPS) a notice to shareholders registered as of February 4th 2008, of an extraordinary general meeting to be held at the Company's offices on February 13th 2008 at 1300 hours. The notice is attached hereto.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20080204 Notice to Shareholder Meeting 13 feb.pdf
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FPS Ocean AS - NOK 175 mill convertible bond issue |
Company news |
2008-01-31 13:44:07 |
January 31st 2008
With reference to the Company's OTC announcement made on January 30th 2008, FPS Ocean has successfully placed a NOK 175 million, 3 years convertible bond in a private placement to Norwegian and international investors. The bonds will be issued at par value and terms include a coupon of 9% p.a. and a strike price of NOK 72 per share.
Proceeds from this bond issue, together with cash balances and undrawn proceeds under the USD 50 million construction loan from DVB Bank raised in August 2007 are sufficient to fully fund the projected cost to complete the FPSO conversion of "DeeP Producer 1", scheduled for completion in Q2, 2008.
The transaction is subject to Board and Shareholder Meeting approval. A notice to a Shareholder Meeting will be sent to shareholders in the near term.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - potential convertible bond issue |
Company news |
2008-01-30 09:00:35 |
January 30th 2008
With reference to the Company's OTC announcement made on November 15th 2007, FPS Ocean is considering the issue of a 3 years convertible bond in a private placement to Norwegian and international investors, in the total amount of NOK 175,000,000 and with a coupon of 9% p.a. and a conversion price of NOK 72 per share.
The proceeds will be used to finance the ongoing conversion of the Company's first FPSO "DeeP Producer 1" in Dubai and for general working capital. Following this financing, the "DeeP Producer 1" conversion project would be fully funded.
The Company has awarded a mandate to Pareto Securities AS as lead-manager and book-runner of the convertible bond issue and Fearnley Fonds ASA will act as selling agent. The potential transaction is subject to Board approval and Shareholder Meeting approval.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - management agreement with Bibby Offshore/GreyStar |
Company news |
2008-01-09 10:10:35 |
January 9th 2008
FPS Ocean announces that a technical, operational and maintenance management agreement has been entered into with Bibby Offshore Ltd, a subsidiary of Bibby Line Group Ltd , for its first FPSO - the "DeeP Producer 1" - currently under conversion at Dubai Drydocks.
Bibby Offshore Ltd is located in Aberdeen, Scotland and provides subsea contracting, marine management and operational support services for offshore units including floating storage and dynamically positioned vessels. Bibby Offshore has a significant presence in the UK North Sea sector. GreyStar Corporation, based in Houston, USA will work under a subcontract to Bibby Offshore, providing topside process operations and management, for "DeeP Producer 1". GreyStar manages several process plants, onshore and offshore, for oil majors and nationals around the world.
Through this agreement, the Company has established a strong operational platform for "DeeP Producer 1".
The vessel is currently in the middle of its second dry docking and several main activities are taking place, such as installation of two forward thruster room blisters, coating of part of the aft vessel and penetrations in new pump room for DP system. The "DeeP Producer 1" conversion project, scheduled for mechanical completion and commissioning in the 2nd quarter and available for "first oil" in the 3rd quarter 2008, was about 80% complete as of year end 2007.
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FPSOcean owns the shuttle tanker "MT Laurita", currently being converted at Dubai Drydocks into a deepwater Dynamically Positioned Floating Production, Storage and Offloading (DP FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during 3rd quarter 2008. FPSOcean has purchased the Aframax tanker "Semakau Spirit", for delivery in 2008, and is planning to start conversion of the vessel, to be renamed "DeeP Producer 2" during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
Bibby Line Group is a business-to-business services group involved in ship owning and operation, shallow water accommodation, offshore oil field services, contract logistics, financial services, memorial parks, employment law and health & safety advisory services, and retail. The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool - UK. Bibby Line Group consists of five divisions, including Bibby Offshore Limited which owns and operates diving support vessels and operates a floating storage unit in the North Sea and FPSOs worldwide. Further info can be found at www.bibbygroup.co.uk.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Georg Sverdrup Onsrud or CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - Company presentation |
Company news |
2007-12-10 12:54:45 |
December 10th 2007
An updated Company presentation is attached hereto.
FPSOcean owns the shuttle tanker "Laurita", currently being converted at Dubai Drydocks into a deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during the 3rd quarter 2008. FPSOcean also purchased the Aframax tanker "Semakau Spirit" for delivery in 2008. The Company is planning to start conversion of the vessel, to be renamed "DeeP Producer 2", during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20071210 OTC - FPSOcean Company update December 2007 ex video.pdf
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FPS Ocean AS - Report for the 3rd Quarter 2007 and Company update |
Company news |
2007-11-15 10:56:42 |
November 15th 2007
Highlights during the 3rd Quarter
* The conversion of "Laurita" into FPSO "Deep Producer 1" continued throughout the Quarter with the first of three dry-dock sequences initiated, and successfully completed in October.
* A USD 50 million bank loan agreement was executed with DVB Bank in August to finance the "DeeP Producer 1".
* Delivery of "Semakau Spirit" as well as the yard slot at Dubai Drydocks for conversion to "DeeP Producer 2" was postponed from April/May to July/August 2008 to optimize company resources.
* The development of the management organization is progressing with several new key personnel employed.
For further details on the 3rd Quarter financials and the Company update, please refer to the Company's 3rd Quarter Report and Accounts attached hereto.
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FPSOcean owns the shuttle tanker "Laurita", currently being converted at Dubai Drydocks into a deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessel. The vessel, to be renamed the "DeeP Producer 1", is scheduled for completion by the 2nd quarter and availability for first oil during the 3rd quarter 2008. FPSOcean also purchased the Aframax tanker "Semakau Spirit" for delivery in 2008. The Company is planning to start conversion of the vessel, to be renamed "DeeP Producer 2", during 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CEO Georg Sverdrup Onsrud or CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
2007 Q3 Report and Accounts FINAL.pdf
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FPS Ocean AS - Laurita in drydock |
Company news |
2007-10-03 15:20:44 |
October 3rd 2007
FPS Ocean's "Laurita" entered the dry dock at Dubai Drydocks on September 30, the first of three dry dockings planned for the conversion into "DeeP Producer 1". We attach some photos showing the vessel safely in the dry dock and ongoing work, including the cutting of steel for the moon pool area and thrusters rooms.
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FPSOcean has acquired the shuttle tanker "Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com.
October 3, 2007 |
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http://www.fpsocean.com
DeeP Producer 1 in dry dock.pdf
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FPS Ocean AS - updated company presentation |
Company news |
2007-08-29 17:16:22 |
August 29th 2007
FPSOcean will hold a company presentation at Pareto's Oil & Offshore Conference at Holmenkollen Park Hotell, Oslo on August 30th.
The presentation material is attached hereto.
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FPSOcean has acquired the shuttle tanker "Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070829 FPSOcean Company Presentation August 2007 Update.pdf
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FPS Ocean AS - "DeeP Producer 1" funding complete |
Company news |
2007-08-29 16:59:49 |
August 29th 2007
DP Producer AS, a 100% owned subsidiary of FPS Ocean AS, has signed a USD 50 million loan agreement with DVB Bank and Eksportfinans to partly finance the conversion of shuttle tanker "Laurita" to FPSO "DeeP Producer 1". The loan is secured by a 1st priority mortgage on the vessel and associated equipment and a parent company guarantee, and matures in September 2008.
The loan, together with the company's two bond issues of USD 75 million and NOK 210 million (approximately USD 34 million) and equity raised in 2006, completes the required funding for the "DeeP Producer 1" conversion project.
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FPSOcean has acquired the shuttle tanker "Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 4 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - Report for the 2nd Quarter 2007 |
Company news |
2007-08-23 17:26:17 |
23rd August, 2007
The Report for the 2nd Quarter 2007, including unaudited accounts for the Quarter and Year to Date, is attached hereto.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel +47 24117910 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070823 Q2 Quaterly FINAL.pdf
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FPS Ocean AS - new share options granted |
Company news |
2007-06-28 11:10:15 |
28th June, 2007
Reference is made to OTC announcement made on February 27, 2007 regarding the Company's share option program and grant of share options to senior management.
Several new employees have commenced their employment with FPS Ocean over the last few months and further share options have been granted to key employees. The total program allows for up to 265.000 share options of which 230.000 options were granted previously and a further 30.000 options have now been granted to new employees. For details of grants, see attachment hereto.
The maximum number of shares, if all options are granted and exercised, may reach 7.832.381. Following the above grant of options, management controls a total of 423.935 shares and options, corresponding to 5.41% of the maximum number of shares of the company.
The share options are vesting with 25% after 12 months (from February 2, 2007), 25% after 24 months, 25% after 36 months and 25% after 48 months. All unexercised options will lapse after 60 months (5 years). The strike price is NOK 96,8952 per share which is higher than the quoted price of the share at the time of each individual grant.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24 11 79 14 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070628 Share option allocation Jun 07.pdf
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FPS Ocean AS - Annual General Meeting resolutions |
Company news |
2007-06-28 11:01:41 |
28th June, 2007
All resolutions proposed by the Board were unanimously approved by the Annual General Meeting on June 27, 2007. The minutes (in Norwegian language) from the Annual General Meeting are attached hereto.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24 11 79 14 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070627 Protokoll Generalforsamling FPS Ocean AS.pdf
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FPS Ocean AS - 2006 Annual Report |
Company news |
2007-06-22 13:34:25 |
22nd June, 2007
The 2006 Annual Report, including Directors' Report, Group Consolidated Financial Statements, FPS Ocean AS Financial Statements and the Auditor's Report, is attached hereto.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24 11 79 14 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
2006 Annual Report FINAL.pdf
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FPS Ocean AS - new bond issue |
Company news |
2007-06-22 08:31:40 |
22nd June, 2007
The Company's shipowning subsidiary, DP Producer AS, has successfully issued an unsecured 2 year NOK 210 million bond (approximately USD 34 million). The issue was oversubscribed.
The bond proceeds will be used to part finance the conversion of "Laurita" to FPSO "DeeP Producer 1" and for working capital. The bonds carry a coupon of Libor + 6% and may be called after one year at 102%.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 24 11 79 14 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
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FPS Ocean AS - Annual General Meeting |
Company news |
2007-06-20 13:25:39 |
20th June, 2007
The Annual General Meeting of FPS Ocean AS will be held at Vika Atrium in Oslo on 27th June 2007 at 15.00 hours. Please refer to attached notice with agenda for the meeting for further details. The notice to shareholders and the 2006 Annual Report will be mailed to all VPS registered shareholders.
FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 90 69 71 63 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070620 Notice to AGM.pdf
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FPS Ocean AS - 2006 Annual Report |
Company news |
2007-05-30 11:51:53 |
30th May, 2007
A Norwegian version of our 2006 Director's Report and Group Consolidated Accounts are attached hereto, an English version will follow in the near future.
Some adjustments have been made to the accounts compared to our preliminary accounts released in an OTC announcement on 21st February 2007. The two significant changes are the write off of goodwill related to the transition from Bassoe FPSO AS to FPSO Management AS in the 1st Quarter 2006 and the capitalization in our balance sheet of the value of the call option included in our bond loan, both as a result of converting to the IFRS accounting standard.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 90 69 71 63 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070530 2006 Årsberetning.pdf
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FPS Ocean AS - Accounts for the 1st Quarter 2007 - correction |
Company news |
2007-05-21 08:26:00 |
21st May, 2007
Reference is made to our OTC announcement released on 18th May with 1st Quarter 2007 report and accounts. By mistake, we attached a wrong version of the accounts. The correct version of the accounts is attached hereto, together with the 1st Quarter report which is unchanged.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CFO Christian Mowinckel at +47 90 69 71 63 or visit the Company's website at www.fpsocean.com. |
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http://fpsocean.com
20070516 Q1 2007 Quaterly report + Consolidated accounts FINAL corr.pdf
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FPS Ocean AS - Report for the 1st Quarter 2007 and Company update |
Company news |
2007-05-18 08:58:34 |
May 16th, 2007
1st Quarter 2007 accounts and report
Consolidated unaudited accounts for the 1st Quarter 2007, including profit & loss accounts and balance sheet, are attached hereto and shows EBITDA of USD -1.0 million and net result of USD -0.9 million. As of 31st March, 2007, the Company had consolidated cash reserves of approximately USD 114.8 million, compared to USD 133.4 million at year end 2006.
Activities were focused on detailed engineering and procurement in respect of the "DeeP Producer 1" conversion project, sourcing and inspecting vessels for a second FPSO conversion project ("DeeP Producer 2"), recruitment of personnel, implementation of a new financial accounting and project management system and converting the Company's accounts to IFRS (International Financial Reporting Standard).
Purchase of a second vessel
The Company has agreed to purchase the 1988 built Aframax double-sided crude oil tanker "Semakau Spirit". The purchase price is USD 23 million. The vessel will be delivered in April 2008 alongside Dubai Drydocks with which the company has secured a conversion slot. The Company has commenced planning for conversion of the vessel into an FPSO with dynamic positioning, to be renamed "DeeP Producer 2". However, a full conversion budget has not yet been committed, except for securing certain long lead items.
"DeeP Producer 1" - cost issues and improvements
The Company owned shuttle tanker "Laurita" is entering Dubai Drydocks during the week starting 20th May for conversion to an FPSO with dynamic positioning to be renamed "DeeP Producer 1". The Company has recently carried out a thorough review of cost and schedule with its suppliers and yards. The review confirms that the delivery from Dubai Drydocks will be extended by 2 months until the end of February 2008, resulting in increased costs. Furthermore, certain costs have increased relating to improvements of the FPSO's capabilities, underestimation due to the tight supplier market, safety review and requirements of the classification society.
The additional costs include increasing the project team to enhance the management of conversion activities, improved technical solutions and added work-scope. The technical improvements include a deck area with flexibility for addition of future service functions as well as safety features in connection with the thruster rooms. The increased work-scope includes addition of four riser passes through the Disconnectable Riser Buoy (DRB) to a full five-pass swivel-system.
The revised project budget has been increased to USD 209 million, including a somewhat higher level of contingency.
Company funding
The reported project schedule and cost additions increase the total funding requirement of the Company. The Company is working on a plan to secure further funding and will communicate this plan at the earliest possible time.
Market outlook
The market outlook for FPSOs remains strong as a result of growing demand from offshore field developments coming on stream over the next few years, many in deep waters. The Company is working actively with prospective clients on a number of project leads for potential start-up during 2008. The Brazilian market is relevant for the Company's deepwater FPSO solution and in April an office was established in Rio de Janeiro.
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FPSOcean has acquired the shuttle tanker "Nordic Laurita" and the Aframax tanker "Semakau Spirit" for conversion into deepwater dynamically positioned Floating Production, Storage and Offloading (FPSO) vessels. The "Nordic Laurita", to be renamed the "DeeP Producer 1", is scheduled for completion by 1st quarter 2008 and ready for first oil by 2nd quarter 2008. The "Semakau Spirit" will be renamed "DeeP Producer 2" and is likely to start conversion at Dubai Drydocks during first half of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSOs over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CEO Georg Sverdrup Onsrud at +47 90 69 71 63 or visit the Company's website at www.fpsocean.com. |
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http://www.fpsocean.com
20070516 Q1 Quarterly report + Q1 Consolidated accounts.pdf
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FPSOcean - Share option program |
Company news |
2007-02-27 13:31:56 |
On December 28, 2006, the General Assembly authorized the issue of up to 265.000 shares in connection with a share based incentive scheme to be established for management in FPS Ocean. The Board has approved an option program and granted a total of 230.000 share options as detailed in attachment hereto.
The maximum number of shares, if all options are granted and exercised, may reach 7.832.381. Following the above grant of options, management controls a total of 393.935 shares and options, corresponding to 5.05% of the maximum capital of the company.
The options were granted on February 2, 2007 and are vesting with 25% after 12 months, 25% after 24 months, 25% after 36 months and 25% after 48 months. All unexercised options will lapse after 60 months (5 years). The strike price is NOK 96, equal to the price quoted on OTC on the date of grant. The strike price will be adjusted on a quarterly basis with reference to a risk free interest rate.
FPSOcean has acquired the shuttle tanker "Nordic Laurita" for conversion into a deepwater dynamic positioning Floating Production, Storage and Offloading (FPSO) vessel to be renamed "DeeP Producer 1", scheduled for completion by year end 2007 and available for first oil during the 1st quarter of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSO's over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CEO Georg Sverdrup Onsrud at +47 90697163 or CFO Christian Mowinckel at +47 90553349 or visit the Company's website at www.fpsocean.com. |
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https://fpsocean.com
Share option program allocation Feb 07.pdf
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FPS Ocean AS - quarterly report - Q4 2006 |
Company news |
2007-02-21 15:13:38 |
Intro
FPSOcean's first FPSO conversion is on track for completion by year end 2007. Physical conversion work will start at Dubai Drydocks in May 2007.
Preliminary consolidated accounts for the full year 2006, including profit & loss accounts and balance sheet, are attached hereto. The preliminary accounts, which are not audited, show EBITDA of USD -2.4 million and net result of USD -2.1 million. As of year end 2006, approximately USD 23.0 million (excluding the acquisition cost of shuttle tanker "Nordic Laurita", goodwill and capitalized finance cost) has been accrued in the balance sheet for the "DeeP Producer 1" conversion (DPP1). As of December 31, 2006, FPSOcean had cash reserves of approximately USD 133.5 million.
Major events during Q4
* A joint development agreement was signed with Scana Industrier ASA for the development of a disconnectable riser buoy (DRB) configured for a deepwater dynamic positioning FPSO.
* The Company increased its engineering and project staff during the quarter, adding 10 consultants to its project team and hired a new CFO as well as additional marketing, procurement and technical managers to its management team.
* A USD 75 mill bond issue was successfully placed with Norwegian and international investors to finance the "DeeP Producer 1" conversion.
* The Company moved to new larger premises at Inkognitogaten 36, Oslo.
* A firm contract was signed with Dubai Drydocks for the conversion work commencing in May 2007 for "DeeP Producer 1".
* A NOK 335 mill (USD 54 mill) equity issue was successfully placed with Norwegian and international investors to finance the "DeeP Producer 1" conversion and to provide equity for the purchase of a vessel for later conversion into "DeeP Producer 2" (DPP2).
* The parent company, FPSOcean AS' shares were registered on the OTC-list as of December 28, 2006.
Subsequent events
* Yard slots for "DeeP Producer 2 and DeeP Producer 3" have been secured at Dubai Drydocks.
* Key long lead items for "DeeP Producer 2", including 5 Azimuth thrusters and 3 dual fuel gas turbines have been ordered.
* The patent application for a new disconnectable riser buoy (DRB), jointly developed with Scana Industrier ASA, was filed for Norwegian patent on January 15, 2007.
Market outlook
The market outlook for FPSO's is positive with several offshore field developments coming on stream over the next few years.
The company is actively marketing the "DeeP Producer 1" to oil companies world wide, and is currently pursuing a number of suitable prospects in various deepwater regions and other areas where disconnectable riser systems are required due to seasonal weather conditions.
Trailer
FPSOcean has acquired the shuttle tanker "Nordic Laurita" for conversion into a deepwater dynamic positioning Floating Production, Storage and Offloading (FPSO) vessel to be renamed "DeeP Producer 1", scheduled for completion by year end 2007 and available for first oil during the 1st quarter of 2008. FPSOcean is seeking to develop a fleet of 4 - 6 deepwater FPSO's over a period of 5 - 6 years.
This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
For further information, please contact CEO Georg Sverdrup Onsrud at +47 90697163 or CFO Christian Mowinckel at +47 90553349 or visit the Company's website at www.fpsocean.com. |
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http.//www.fpsocean.com
2006 Consolidated accounts 20022007.pdf
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FPSOcean AS - developing deepwater technology |
Company news |
2007-01-30 16:14:24 |
FPS Ocean has developed a new type of releasable riser buoy, called "Disconnectable Riser Buoy" (DRB (tm)). A patent application has been filed.
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FPS Ocean AS and Scana AMT AS have entered into an agreement for developing the disconnectable riser buoy. Scana was chosen because of the company's experience in building turret-systems. This technology will increase the applicability of FPSO units in deepwater regions, and provide simpler and more flexible solutions in areas exposed to hurricanes or typhoons, such as the Gulf of Mexico and Southeast Asia.
FPS Ocean and Scana will combine proven technical solutions in a new application for FPSO units with dynamic positioning capability (DP). The new technology will reduce costs by replacing traditional anchoring systems.
The DRB buoy will stay geostationary with the FPSO weathervaning around the buoy according to prevailing weather conditions. The DRB buoy contributes to improved operational safety as it can be released quickly from the FPSO and submerged to a controlled water depth during extreme weather conditions or in the event of loss of position caused by failure in the DP system. After disconnecting, the FPSO may navigate to calmer seas if necessary. Upon return to the field location, the FPSO can swiftly reconnect to the DRB buoy. The DRB buoy is designed for multiple risers.
Scana AMT is responsible for design, manufacturing and installation onto the FPSO, including responsibility for testing of the equipment.
The new DRB disconnectable riser buoy will be installed on FPS Ocean´s first deepwater dynamic positioning FPSO, the "DeeP Producer 1", which is scheduled for delivery from Dubai Drydocks in December 2007, and for commencement of operation in the first quarter of 2008.
For further info, please contact Georg Sverdrup Onsrud, CEO at +47 9069 7163 or +47 2411 7910. |
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http://fpsocean.com
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Endring av aksje: FPS Ocean AS (FPSO) |
Corporate actions |
2006-12-28 14:53:52 |
Det er foretatt endringer i FPS Ocean AS (ISIN:NO0010313596, ticker FPSO). Aksjebeholdningen er øket fra 3 967 381 til 7 567 381. Emisjonsverdien er øket fra 376 901 195 til 718 901 195. |
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FPSOcean AS - capital increase |
Company news |
2006-12-28 14:19:33 |
An extraordinary general meeting today resolved to increase the company's share capital from NOK 7.934.762 to NOK 15.134.762 by issuing 3.600.000 new shares with a nominal value of NOK 2 per share. Accordingly, the number of shares increases from 3.967.381 shares to 7.567.381 shares. The new shares were registered in Foretaksregisteret and issued on December 28. The shares were issued at NOk 95 per share. Gross proceeds from the capital increase were NOK 342.000.000. Proceeds will be used to complete equity funding of the forthcoming conversion of the company's shuttle tanker "Laurita" into a dynamic positioned FPSO to be named "Deep Producer" and to fund the equity portion of purchasing a second vessel for future FPSO conversion.
For further info, please contact Christian Mowinckel, CFO at +47 24 11 79 14. |
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http://www.fpsocean.com
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FPSO – FPS Ocean AS registrert på OTC – listen |
Company news |
2006-12-27 08:40:39 |
FPS Ocean AS er registrert på OTC - listen f.o.m. 27. desember 2006. Ticker: FPSO. ISIN: NO 001 0313596. Antall aksjer utstedt av selskapet er 3 967 381. Emisjonsverdien på selskapet er NOK 380 868 576 basert på siste emisjon i desember 2006 på kurs NOK 95,-. Selskapet har inngått avtale om bruk av meldingssystemet og vil kunne benytte dette fra og med 27. desember 2006.
FPS Ocean AS ble etablert i 2005 av personer med betydelig erfaring fra å grunnlegge og lede selskaper i offshore sektoren. Selskapets forretningsmodell er å bygge, eie og drive enheter for flytende produksjon av olje (FPSO). Selskapet eier i dag et tankskip som skal konverteres til en FPSO enhet. Selskapet har allerede sikret seg utstyr som har lang levetid og har en slot på Dubai Drydocks for å konvertere tankskipet til en Dynamic Positioning FPSO for tidlig produksjon og/eller utvikling av felter på dypt vann. Det konverterte skipet vil bli levert i slutten av 2007 og vil være klar for første olje i første kvartal 2008 med et totalt budsjett på USD 181 mill. Selskapet har så langt hentet inn ny egenkapital på USD 91 mill og et konvertibelt obligasjonslån på USD 75 mill. |
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