November 29 - Blue Water Shipping as been selected as the project freight forwarder to provide all logistics activities in connection with SBM Offshore's turnkey Cidade de Paraty Floating Storage, Production and Off-loading (FPSO) project.

SBM Offshore has signed a contract with Petrobras for a 20-year charter and operation of an FPSO for the Tupi Nordeste development in the pre-salt area, offshore Brazil.

A former VLCC - Theseus - will be converted into a FPSO . Currently, the vessel is located at the Keppel Shipyardin Singapore, where it will undergo major changes including hull conversion, fabrication and installation of a flare tower, helideck as well as part of the topside modules installation. Scheduled to leave Keppel Shipyard in the first half of 2012, the vessel will head for Brazil where final fabrication and conversion will take place.

The project is expected to last for two and half years and will involve several of the Blue Water offices worldwide including Rio de Janeiro, Houston, Singapore, Rotterdam and Esbjerg.

Brazil is a focus area for Blue Water Shipping and the FPSO Cidade de Paraty is the second, large project secured by Blue Water Shipping in Rio de Janeiro within the past six months.