Report: FPSO MODEC Venture 11 sold for scrap

Japanese FPSO operator MODEC has reportedly sold the FPSO MODEC Venture 11 for scrap.

MODEC Venture 11 / Image source: MODEC
MODEC Venture 11 / Image source: MODEC

According to maritime and offshore data company VesselsValue, MODEC has recently sold the FPSO to an undisclosed buyer for demolition. VesselsValue’s data show the FPSO was sold for a price of $427 per LDT.

Offshore Energy Today has sent an email to MODEC, seeking confirmation of the sale. The company did not respond by the time of publication.

VesselsValue data showing the FPSO has been sold
VesselsValue data showing the FPSO has been sold

The FPSO had been producing oil for years offshore Australia, before its charter expired in August 2018. The FPSO MODEC Venture 11 FPSO was moored at the Mutineer-Exeter field around 150 kilometers north of Dampier on the northwest coast of Australia.

As production from the field was declining Santos then in 2018 decided to cease output from the remaining wells

The FPSO, converted from an existing double-hull Suez-max tanker, had started production in Australia in 2005, and completed the charter contract in August 2018.

Offshore Energy Today Staff

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Posted on March 6, 2019 with tags , .

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