Mitsubishi Heavy Industries and BW Gas in joint venture
Mitsubishi Heavy Industries and floating production, storage, offloading vessel contractor BW Offshore Limited will collaborate in marketing FPSOs for liquefied natural gas, MHI said in a statement.
The companies will work together on design development and marketing activities to target LNG-FPSO projects with around 2m tonnes per annum production capacity. MHI will be in charge of the vessel"s hull and LNG storage tank portion while BW Offshore will handle pretreatment and liquefaction facilities, and production and mooring solutions, the statement said.
?While demand for LNG is increasingly being appreciated as an energy source that emits less carbon dioxide, one of greenhouse-effect gases, compared with other fossil fuels, its production and development is moving to offshore gas fields, either large scale or small and medium stranded fields, which have been discovered but remain untapped,? the statement said. ?As a result, LNG-FPSO, which can eliminate long pipeline and offers facility moving capability, is drawing much attention.?
According to MHI, gas development projects using LNG-FPSO are either planned or being discussed on offshore sites in many countries, including Australia, Indonesia and Brazil.
BW Offshore has completed 14 FPSO projects and delivered more than 50 turrets and offshore terminals to date.
MHI posted an 84.6% decrease in net income to ¥4.2bn ($456m) in the nine months to December 31, 2009 as a result of a significant drop in sales generated by its shipbuilding and ocean development business.