OPEN
Already registered? Download PDF LOGIN or SIGN UP
Editor in chief: Angelo Scorza
Print
08/07/19 12:05

FSO unit Alba Marina to change both owner and operator

Guidotti Ships will probably replace PB Tankers, while in the mean time Edison defined the disposal of its entire Exploration & Production division, including also the unit deployed in the Adriatic Sea

FSO Alba Marina – former 109,000 dwt tanker Aframax (built in 1999 by the Chinese shipyard Dalian New Shipbuilding Heavy Industries) and deployed in the Adriatic offshore field Rospo Mare, will soon be subject to a change of ownership and operator.

Even though the seizure of PB Tankers' (the company that managed the unit) assets decreed last April by the US was recently annulled, Edison – the current owner of Alba Marina – had decided to terminate the agreement with the shipping company belonging to the Barbaro family and to look for another operator to manage its Floating Storage and Offloading (FSO) unit.

According to Ship2Shore's sources, the negotiations with Guidotti Ships are almost completed, and the latter might replace PB Tankers as Alba Marina operator shortly.

Established in 2000 in Termoli, Guidotti supplies services to offshore platforms with a fleet of specialized units, and it is already supporting Edison's unit.

Meanwhile, Edison is rapidly disposing of its assets within the hydrocarbons sector, including Alba Marina itself.

In fact, according to an official notice, the Milan-based corporation (which is a subsidiary of the French Group  Electricité de France) entered into an agreement for the disposal of its hydrocarbons business – whose assets were transferred to the recently incorporated company Edison Exploration & Production, owner of the FSO unit Alba Marina and of other significant stakes, including the Egyptian Abu Qir gas field – with the Greek company Energean, which prevailed over its competitor Cairn Energy in the tender launched by Edison.

"The price of the transaction was determined on the basis of an enterprise value of 750 million dollar, plus an additional consideration of 100 million to be paid at the beginning of the Cassiopea Italian gas field production", the note reads. "Moreover, Edison will be entitled to the royalties related to further possible developments in Egypt, which would contribute to the achievement of a 1 billion dollar aggregate value. The transaction includes also the transfer of future decommissioning obligations (with the related costs which, according to analysts, amount to several hundred million dollars, ed.) to the purchaser.

The closing of the transaction, resulting in a 400-500 million euro write-down for the Edison group, is scheduled by the end of this year.

Francesco Bottino

TAG : Offshore
Stampa