Two facing off for Maari FPSO

Raroa: Maari oilfield owners are buying the FPSO (above) from Singapore's Tanker Pacific Offshore Terminals

Horizon Oil

By Russell Searancke Wellington

 16 August 2012 22:59 GMT

Two global heavyweights from the floating production industry are vying for a valuable operations and maintenance contract for the floating production, storage and offloading vessel at the Maari oilfield in New Zealand.

The field owners — OMV with a stake of 69%, Todd Energy on 16%, Horizon Oil with 10% and Cue Energy on 5% — are buying the FPSO Raroa from Singapore’s Tanker ­Pacific Offshore Terminals as part of a buy-back option in the original FPSO supply agreement with Tanker Pacific.

Horizon has indicated that the purchase price for the FPSO will be $33 million, and that the floater is valued at $250 million.

Tanker Pacific’s four-year fixed term ends in March 2013, by which time the field owners need a team to carry…

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