INPEX Files $970M Claim Against DSME for Ichthys Venturer FPSO Work

August 10, 2022

World Energy Reports LLC.

Japanese oil and gas company INPEX has filed a $970 million claim against South Korean shipbuilder Daewoo Shipbuilding Marine & Engineering, seeking compensation for alleged delays and construction issues related to a 2012 FPSO order.

DSME said in a stock exchange INPEX had filed a request for arbitration at the International Chamber of Commerce.

In a stock exchange announcement last Friday, DSME said the case was related to an FPSO order made by INPEX in 2012, and that the FPSO was completed and departed from Okpo Shipyard in 2017, ready for commissioning to start production off the coast of Australia by 2019. 

According to World Energy Reports, first production from the 336 meters long FPSO started in July 2018.

While the company did not identify the project by name, the companies involved and the dates provided correspond to the delivery date of INPEX’s Ichthys Venturer FPSO, built for Inpex's Ichthys project in Australia.

DSME said Friday that INPEX had filed a claim for damages, claiming delays and defects in the commissioning preparation work.

"In this regard, the company determines that the amount of compensation and the grounds claimed by INPEX are unreasonable,” DSME said.

"We are currently preparing a response to INPEX's claim and arbitration request, and we plan to respond according to the arbitration process in the future," DSME added.

According to data on INPEX's website, 17 offshore condensate cargos were shipped from the Ichthys Venturer in the first half of 2022. The FPSO can produce around 100,000 bbl/d at peak.

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Demo