FPSO OPERATING AND MAINTENANCE AGREEMENT
FPSO HULL NO. 2284
KIKEH FIELD, BLOCK K
OFFSHORE SABAH, MALAYSIA
MALAYSIA INTERNATIONAL SHIPPING CORPORATION BERHAD
MURPHY SABAH OIL CO., LTD.
TABLE OF CONTENTS
1. DEFINITIONS 2
2. THE FPSO AND MANAGEMENT 18 2.1. Documentation, Management, Manning, Operation, Supervision and Maintenance 18 2.2. Standard of Services 18 2.3. Schedule of Responsibilities 18 2.4. Structural Alterations 18 2.5. Contractor Obligations 19 2.6. Specifications 19
3. DELIVERY, REDELIVERY AND SURVEY 19 3.1. Delivery 19 3.2. Redelivery 19 3.3. Redelivery Survey 19 3.4. Deliverables 20
4. CONTRACTOR' S OBLIGATIONS 21 4.1. Timely Performance 21 4.2. Performance of the Services 21 4.3. Contractor Personnel 22 4.4. Safety of Contractor' s Personnel 23 4.5. Drug and Alcohol Policy 24 4.6. General Management and Operating Responsibilities 24 4.7. Compliance with Laws 25 4.8. Reports and Communications 25 4.9. Engine Logs and Records 25 4.10. Performance Data 26 4.11. Contractor Guarantee 26 4.12. Deliverables 26 4.13. Operations Manuals 26 4.14. Documentation 26 4.15. FPSO Operations Affecting Processing of Crude Oil 27 4.16. Compliance 27 4.17. Entry and Departure Authorizations 27 4.18. Evidence of Authorizations, Approvals, etc. 27 4.19. Rate Savings 28
5. MAINTENANCE, REPAIR AND DRYDOCKING 28 5.1. Machinery and Hull 28 5.2. Maintenance and Repair 28 5.4. Minimal Interruption/Annual Maintenance Allowance 29 5.5. Actual Hours Worked 30 5.6. No Adjustment of Fixed Fee 31 5.7. Drydocking Due to Contractor Breach 31 5.8. Inspections/Tests 34 5.9. Company' s Inspection Rights 34 5.10. Company Notification 34 5.11. Contractor to Remedy Defects 34 5.12. Equipment Replacement 34 5.13 FPSO Assistance 35
6. ADDITIONAL CONTRACTOR FURNISHED PERSONNEL 35
7. COMPANY OBLIGATIONS 35 7.1. Company' s Instructions 35 7.2. Consents and Approvals 35 7.3. Company Assistance 36 7.4. Company Costs 36 7.5. Company Supplied Items 37 7.6. Company Guarantee 37
8. TITLE TO SPARE PARTS 37 8.1. Company Property 37
i 8.3. Procedures on Termination 37
9. USE OF THE FPSO 38 9.1. Use 38 9.2. Company' s Lay Up Rights 38 9.3. FPSO Relocation 38 9.4. Third Party Oil 38
10. TERM OF AGREEMENT 39 10.1. Commencement Date/Term 39 10.2. Early Termination 39 10.3. Renewal Options 39 10.4. Compensation 39 10.5. Extended Term 39
11. RELATIONSHIP OF THE PARTIES 39 11.1. Independent Contractor 39 11.2. No Authority 40 11.3. Control of FPSO 40 11.4. Compensation Adjustment/Change of Law 40 11.5. Indemnity as to Contractor Personnel Wages 40 11.6. Supervision and Control 41 11.7. No Mineral or Hydrocarbon Deposit Rights 41 11.8. No Exemption from Health, Safety and Environmental Laws 41 11.9. Control of Crude Oil Production 41
12. REPRESENTATIONS AND WARRANTIES 41 12.1. Contractor Fully Informed 41 12.2. Other Representations and Undertakings of Contractor 42 12.3. Company Representations and Warranties 44
13. VARIATIONS 45 13.1. Generally 45 13.2. Company' s Request for Variation 46 13.3. Variation Proposal 46 13.4. Contractor' s Variation Proposal; Variation Order 47 13.5. Increase in Compensation 47 13.6. Variation Order Costs 47 13.7. Implementation of Variation Order 47 13.8. Written Authorization 48 13.9. Alteration and Installation of Additional Equipment 48 13.10. Company' s Right of Audit 48 13.11. Variation Order Procedures and Formats 48
14. CONTRACTOR COMPENSATION 48 14.1. Attachment B 48 14.2. Fixed Fee Adjustment; Downtime; Shutdown 48
15. REIMBURSABLE COSTS AND TIME RATES 51
16. MANNER OF PAYMENT 51 16.1. Procedures 51 16.2. Commencement and Cessation of O&M Compensation 54 16.3. Failure to Pay 54 16.4. No Payment Delays 54 16.5. Invoice Disputes 54 16.6. Contractor' s Invoices 55 16.7. Change in Payment Instructions 55 16.8. Payment Currency 55 16.9. Excess Shutdown 55 16.10. Adjustments 56 16.11. No Obligation 56
17. AUDIT 56 17.1. Audit Rights 56 17.2. Survival of Audit 57
18. LIENS 57 18.1. No Liens 57 18.2. Payments 57
ii 18.3. Liens Arising by Operation of Law 57 18.4. Contractor Discharge of Encumbrances 58
19. HEALTH, SAFETY AND ENVIRONMENTAL OBLIGATIONS 58 19.1. Contractor Representations and Warranties 58 19.2. Safe Work Environment 58 19.3. Contractor' s Safety Program 58 19.4. Helicopters/Marine Traffic 58 19.5. HS&E Regulations and Procedures 58 19.6. FPSO Terminal Operations Manual 59 19.7. Contractor Compliance 59
20. TAXES 59 20.1. Taxes and Duties 59 20.2. Statutory Exemptions 60 20.3. Company' s Tax Indemnity 60 20.4. Contractor' s Tax Indemnities 60 20.5. Certain Malaysian Tax and Customs Duties Requirements 61 20.6. Tax Savings 63
21. CONFLICTS OF INTEREST 64 21.1. Commissions/Fees 64 21.2. Corrupt Payments 64 21.3. Claims 64
22. TITLE TO THE FPSO 64
23. PARTY REPRESENTATIVES AND PERSONNEL 64 23.1. Contractor Representative 64 23.2. Company Representative 65
24. TERMINATION 65 24.1. Termination by Company 65 24.2. Other Company Termination Rights 66 24.3. Contractor Termination Rights 68 24.4. Article 32 Termination 69 24.5. Contractor' s Material Breach - Procedures 69 24.6. Termination Procedures 69 24.7. Redelivery of FPSO 70 24.8. Demobilization Costs 70
25. ASSIGNMENT AND SUBCONTRACTING 70 25.1. Company Assignment 70 25.2. No Release of Prior Liability 71 25.3. Assignment to Affiliate of Contractor 71 25.4. Novation Agreement 71 25.5. Company' s Right to Review Subcontracts 72 25.6. Breach of Agreement by Contractor or Subcontractor 72
26. PATENT INDEMNIFICATION 72 26.1. Contractor' s Indemnification Obligations 72 26.2. Company' s Indemnification Obligations 73 26.3. Intellectual Property Ownership and License 73 26.4. Improper Use 73
27. INDEMNITIES AND LIABILITIES 73 27.1. Indemnification 73 27.2. Contractor Group Personnel Personal Injury 75 27.3. Company Group Personnel Personal Injury 76 27.4. [Intentionally Left Blank] 76 27.5. Pollution Loss 76 27.6. Wreck Removal 77 27.7. Intentionally Left Blank 77 27.8. No Consequential Damages 77 27.9 Intentionally Left Blank 77 27.10 Third Party Liability 77 27.11. Both-to-Blame Collision Clause 79 27.12. General Average 79 27.13. INDEMNITIES ABSOLUTE 79
iii 27.14. Indemnities Covered by Insurance 80 27.15. No Reimbursement 80 27.16. Survival of Indemnification 80
28. INSURANCE 80 28.1. General 80 28.2. Policy Provisions with Respect to all Policies and Coverages. 81 28.3. Insurances and Coverages 82 28.4. Other Required Insurance Provisions, Limits and Coverages 84 28.5. Insurance Proceeds. 85 28.6. No Duplication 85 28.7. No Reimbursement 86
29. REQUISITION OR SEIZURE 86 29.1. Government Action. 86 29.2. Indemnification. 86
30. ACTUAL OR CONSTRUCTIVE TOTAL LOSS 87 30.1. Total Loss Termination 87 30.2. Removal of Wreck and/or Debris 87 30.3. Mitigation of Company' s Exposure 87
31. RISK ZONE 87 31.1. Dangerous Location 87 31.2. Increase in Costs 88 31.3. Risk Zone Payments 88
32. FORCE MAJEURE 88 32.1. Force Majeure 88 32.2. O&M Compensation During Force Majeure 88 32.3. Force Majeure Termination Rights 89 32.4. Contractor' s Force Majeure Termination Right 89
33. HOST COUNTRY REQUIREMENTS 90 33.1. Citizens of Malaysia 90
34. NOTICES 91
35. CONFIDENTIAL INFORMATION AND DATA 92 35.1. Confidential Information and Data 92 35.2. Reciprocal Provisions 93 35.3. Press Releases; Announcements 93 35.4. Confidentiality Provisions Survival 93
36. ENGLISH LANGUAGE AND INTERPRETATION 93 36.1. Communications 93 36.2. Headings 93 36.3. Singular/Plural 93 36.4. Gender 93
37. APPLICABLE LAW AND ARBITRATION 94 37.1. Governing Law 94 37.2. Dispute Resolution 94 37.3. Small Disputes 96 37.4. No O&M Compensation 96 37.5. Arbitration Provisions Survive 96
38. ENTIRE AGREEMENT 96 38.1. Entirety 96 38.2. Failure to Perform 96
39. SURVIVAL 96
40. SUCCESSORS AND ASSIGNS 96
41. WAIVER; CUMULATIVE REMEDIES 97 41.1. No Waiver 97 41.2. Waiver in Writing 97 41.3. Powers Cumulative 97
42. PARTIAL INVALIDITY 97
43. MODIFICATIONS 97
44. EXECUTION BY FACSIMILE AND/OR COUNTERPARTS 97 44.1. Facsimile Signatures 97 44.2. Counterparts 98
45. RIGHTS OF THIRD PARTIES 98
46. CROSS REFERENCES 98
47. MISCELLANEOUS 98 47.1. General Provisions 98 47.2. General Survival 98 47.3. Waiver of Sovereign Immunity 98
AND MAINTENANCE AGREEMENT
This FPSO Operating and Maintenance Agreement (together with all of the Attachments appended hereto, this " Agreement" ) is made and entered into as of the 31st day of January, 2005.
MURPHY SABAH OIL CO., LTD. , a company incorporated under the laws of The Bahamas and having a place of business at the address set forth in Article 34 hereof (referred to as " Company" ).
MALAYSIA INTERNATIONAL SHIPPING CORPORATION BERHAD a Malaysian company with its registered office at the address set forth in Article 34 hereof (referred to as " Contractor" ).
In addition to the main body of this Agreement, this Agreement consists of the following parts, all of which are appended hereto:
WHEREAS, Company, as " Charterer" , and Contractor, as " Owner" have, concurrently herewith, entered into the FPSO Charter Contract (as hereinafter defined), for the design, construction, refurbishment and charter of the FPSO (as hereinafter defined) to be moored at the Kikeh Field located in Block K, offshore Sabah, Malaysia; and
WHEREAS, Company and Contractor have agreed that Contractor shall perform the Services (as hereinafter defined) in respect of the FPSO, all as more fully set forth in this Agreement; and
WHEREAS, Company and Contractor desire to enter into this Agreement to govern their respective rights, duties and obligations in respect of the performance of the Services.
NOW THEREFORE, in consideration of the premises and the mutual covenants set forth below, IT IS AGREED as follows:
The following definitions shall be used for interpreting this Agreement. There are also definitions provided elsewhere in this Agreement that shall also be used for the purpose of interpreting this Agreement.
Accrued Fixed Fee Shall mean the total amount of the Daily Fixed Fee due Contractor, if any, which accrues on a Day by Day basis during the Fixed Fee Accrual Period. Accrued O&M Compensation Shall mean the Accrued Fixed Fee and the First and Second Accrued Reimbursables. Actual Flow Rate Shall have the meaning given to it in Clause 14.2. Additional Equipment Equipment for the FPSO that is provided and owned exclusively by Company, including but not limited to Company Supplied Items (except the DTU, the Fluid Transfer Lines, Riser Facilities and Umbilicals), Subsea Related Equipment and Company Communications Equipment, but expressly excluding the FPSO. Affiliate(s) In relation to any Person, any entity (incorporated or unincorporated) that controls that Person, is controlled by that Person or is controlled by another entity which also controls that Person, and, " control" and " controlled" means a shareholding (or voting right) of greater than fifty percent (50)% of another entity, provided that any joint venture entity (whether incorporated or unincorporated) between any entity or joint venture in which both Contractor and IHC, Inc. S.A. or their Affiliates, has any interest shall be deemed to be an Affiliate of Contractor irrespective of the percentage interest therein held by either Contractor or IHC, Inc. S.A. Agreed Interest Rate A floating interest rate, compounded monthly, equal to two percentage points (2%) per annum above LIBOR.
2 Annual Budget Shall have the meaning ascribed thereto in Part A Section I.B.1 of Attachment B. Annual Maintenance Allowance The time allowed for maintenance and repairs of the FPSO, in any contract year of the Term, during which O&M Compensation shall be payable regardless of any Shutdown, as set forth in Clause 5.4, which shall be calculated with respect to a percentage equal to of the total time (in hours) that exists in the eight (8) contract years of the Primary Term, or that exists in the three (3) contract years of any Secondary Term, and which shall be allocated as per the Annual Maintenance Allowance Schedule pursuant to the terms of Clause 5.4.
Annual Maintenance Allowance
Schedule Shall have the meaning given to it in Clause 5.4(i) through 5.4(iii). Assessment Shall have the meaning ascribed thereto in Attachment B. Attachment Shall mean an attachment to this Agreement. Best Efforts All efforts having the highest likelihood of accomplishing their intended purpose in light of (i) the ability of the Party charged with exercising such efforts to take such action and (ii) the justifiable expectations of the Party to which the benefit of such efforts will accrue, if successful. Bonus Shall have the meaning ascribed thereto in Attachment B. Business Day Means a Day on which banks are open for business in Malaysia. Charter The FPSO Charter Contract by and between Owner and Charterer. Christmas Tree The system of pipes, valves, gauges and related equipment, located on and around the DTU or attached to any subsea wellheads, that controls the flow of Crude Oil, gas and other hydrocarbons produced from, and the flow of water and gas injection to, the Wells. Claims All claims, losses, liabilities, suits, demands, judgments, and causes of action of any kind
3 (including, but not limited to, those for bodily injury, illness, loss of consortium, death, property damage, loss or destruction, and wrongful termination of employment) in any way arising under or relating (directly or indirectly) to: (i) this Agreement; (ii) any subcontract or other agreement executed in connection herewith; or (iii) the operation of the FPSO or any helicopter, tanker, shuttle tanker, supply or crew boat or other vessel used in connection with the Services or with respect to the operations of the FPSO, including, without limitation, claims for any and all damages (including, without limitation, punitive and exemplary damages), expenses, bonding fees, penalties, assessments, costs (including, without limitation, attorneys' fees and other legal costs and expenses), and losses, and whether asserted by either Party or an injured Person (as to personal injury or property damage) or such Person' s spouse, heirs, survivors or legal representative, or those Persons or entities entitled to assert claims on account of bodily injury, illness, loss of consortium or support, death, or damage to or loss of personal property, and irrespective of whether any of same arises in contract, tort or strict liability. Classification Society American Bureau of Shipping (" ABS" ) or another equivalent body agreed by the Parties in writing. Closing Shall have the meaning ascribed thereto in the Charter. Commercial Operations The production, receiving, storage and processing of Crude Oil, the processing and compression of natural gas, injection of water into the Wells and storing and off-loading of Processed Oil in accordance with the Specifications and the Classification Society' s FPSO Classification certificate. Company Communications Equipment Certain equipment owned by Company to be installed by Contractor for ship to shore communications, satellite transmissions, fax transmissions and other similar communications equipment required by Company for communicating and transferring voice, videos, data and information.
4 Company Group Any or all of Company and its respective Affiliates, any Co-Venturer, its and their contractors and subcontractors and the Personnel of any entity mentioned above; but excluding Contractor Group and excluding Petronas and any other Government entity or instrumentality party to the PSC (other than Petronas Carigali SDN BHD, which shall be considered part of Company Group). Company Guarantee The guarantee of Company' s performance under this Agreement given by Company Guarantor, the form of which is appended as Attachment G-2 and referenced in Clause 1.1(a)(v) and Clause 3.4(v). Company Guarantor . Company Property All equipment, property, facilities, vessels, if any, consumables, materials of Company Group (whether owned by Company Group or owned by or leased or rented from Third Parties), including, without limitation, the Additional Equipment, the Wells, Christmas Tree, Riser Facilities and Umbilicals, and the Crude Oil and Processed Oil on board the FPSO, regardless of whether the Crude Oil and Processed Oil is owned by Company and the Co-Venturers, the Government or a Third Party, the Fluid Transfer Lines and the DTU. Company Representative Such person as Company shall designate from time to time (or any other member of Company Group appointed by Company or such Person to be such Person' s alternate), who shall carry out technical and administrative co-ordination of the duties of Company as set out in Clause 23.2, and who shall be entitled to be and remain on the FPSO at any time. Company Supplied Items Such information, services and equipment, including the Additional Equipment, for which Company shall have the responsibility to provide to Contractor as set forth in Attachment B or elsewhere in this Agreement.
5 Contract Date The date of this Agreement as first set forth above in the preamble to this Agreement. Contractor Group Any or all of Contractor, its Affiliates, Contractor' s Personnel, representatives and agents and the Subcontractors and any contractors (including their subcontractors) of Contractor' s Subcontractors and the Personnel of any Person mentioned in this definition, other than Petronas or any other Government entity or instrumentality party to the PSC. Contractor Guarantee The guarantee of Contractor' s performance under this Agreement given by Contractor Guarantor, the form of which guarantee is appended as Attachment G-1 and referenced in Clause 3.4(v) and Clause 4.11. Contractor Guarantor . Contractor Property All equipment, property, facilities, consumables, materials, including Contractor Supplied Items, (whether owned, leased or rented) of Contractor Group, including, without limitation, the FPSO. Contractor Representative Such person as Contractor shall designate from time to time in writing, who shall carry out technical and administrative co-ordination of the Services to Company as set out in Clause 23.1. Contractor Supplied Items Such information, services and equipment for which Contractor shall have the responsibility to provide to Company as set forth in Attachment B to this Agreement. Cost Target Shall have the meaning ascribed thereto in Part A, Section II.B.1 of Attachment B. Co-Venturer Any party to the PSC other than Petronas.. Crude Oil Liquid petroleum and other hydrocarbons produced at the wellhead in a liquid state at atmospheric pressure] Daily Fixed Fee Shall mean the per Day U.S. dollar amount of the quarterly Fixed Fee, as specified in Attachment B.
6 Day or day The period commencing at 00.01 hours of any day and ending at 24.00 hours on the same day. Deliverables Shall mean, collectively, (i) the certified copy of corporate resolutions of Contractor required by Clause 3.4(i), (ii) a copy of the letter from the Bank Negara Malaysia required by Clause 3.4(iii), (iii) the FPSO Operations and Maintenance Manuals required by Clause 4.13, (iv) the Contractor Guarantee required by Clause 3.4(v), (v) the HS&E General Regulations and Procedures required by Clause 19.5, (vi) the FPSO Terminal Operations Manual required by Clause 19.6, (vii) the documentation required by Clause 20.2 (including the certificate of exemption referred to therein), (viii) certificates or evidence of the FPSO Insurance Cover as required by Article 28 and Contractor' s initial Cost Target required by Part A, Section II.B of Attachment B. Delivery Date Shall have the meaning ascribed thereto in the Charter. Demobilization Costs The Contractor Group' s reasonable and documented Reimbursables incurred in connection with the Services required to demobilize the FPSO to a nearby location in Malaysia, as more fully set forth in Attachment B. Downtime Any time pursuant to the provisions of this Agreement or the Charter commencing at and during which there is a reduction, restriction, suspension or complete cessation of the flow of Crude Oil to the FPSO for any reason, including but not limited to, (i) a reduction or cessation of water injection or gas purification or compression which causes Company to order a reduction, restriction, suspension or cessation of Crude Oil production or processing, or (ii) subject to the provisions of Clause 14.2, the FPSO is unable to produce, receive, process, store or offload (or any combination of the foregoing) Crude Oil or Processed Oil (as the case may be) in compliance with the Specifications and the
7 terms of this Agreement or the Charter; and such reduction, restriction, suspension or cessation is not due to: (a) the Well stream being outside the parameters set forth in the Specifications; (b) the offloading vessel (for any reason not attributable to Contractor Group or the FPSO) being unable to receive the Processed Oil; (c) any malfunction or operational default of Company' s Fluid Transfer Line, the DTU, Company' s subsea equipment, Riser Facilities, Wells and Umbilicals or Additional Equipment (other than, with respect to the Additional Equipment, any malfunction or operational default due to the default of, or breach by, any of Contractor Group of any obligations of this Agreement or the Charter) (d) any Sole Fault of Company Group; or (e) an event of Force Majeure. DTU A facility attached to the mudline used to support the Christmas Tree and Wells which is located near to the FPSO Site and is used to control the flow of hydrocarbons from the casinghead. Early Payment Commencement Date The sixty-first (61 st ) Day after the Fixed Fee Accrual Date. Encumbrance or Encumbrances One or more liens, mortgages, charges, repairman' s or shipyard' s lien, maritime liens, or security interests, encumbrances, or liens for (i) unpaid insurance premiums or calls, (ii) judgments, (iii) port charges, (iv) annual charges or (v) fees of the FPSO' s Flag State or liens of any other kind on or against the FPSO, or any portion thereof, its earnings or insurances. Extended Term Any extension of the Term which occurs pursuant to the provisions of Clause 10.5. Field Kikeh Field, Block K, offshore Sabah, Malaysia. First Accrued Reimbursables Shall mean the total amount of Reimbursables which accrues during the First Reimbursables Accrual Period. First Reimbursables Accrual Date Shall mean the Ready for Risers Date.
8 First Reimbursables Accrual Period Shall mean the period commencing on, and including, the First Reimbursables Accrual Date and continuing until, and including, the Day immediately before the earlier to occur of (i) the Early Payment Commencement Date, or (ii) the Ready for Hydrocarbons Date. Fixed Fee Shall have the meaning given in Attachment B to this Agreement. Fixed Fee Accrual Date The date which is the forty-third (43 rd ) Day after the Ready for Commissioning Date. Fixed Fee Accrual Period Means the period commencing on, and including, the Fixed Fee Accrual Date and continuing until, and including the Day immediately before the earlier of (i) the Early Payment Commencement Date, or (ii) the Ready for Hydrocarbons Date. Flag State The country or state where the FPSO is registered, as approved in writing by Company. Fluid Transfer Lines Equipment provided by Company comprising three (3) ten (10) inch in diameter production lines, one (1) ten (10) inch in diameter water injection line and one (1) Umbilical from and to the DTU from the FPSO. Force Majeure An occurrence resulting from circumstances (other than strikes, industrial disputes or lockouts caused by or involving a Party' s or any Subcontractors' own workforces, except if part of a nation-wide general strike or except if a strike by the workforce of any shipyard and other than mere shortage of labor, materials, equipment or supplies) that are beyond the control of the Party affected which delays or prevents the due performance of the provisions of this Agreement and which, by the exercise of due diligence, such Party is unable to prevent or overcome (including, but not limited to, earthquakes, floods (except inclement weather or storms of the ordinary seasonal nature), wars, expropriation, intervention of civil or military authorities of government, explosions or fires, riots, insurrections, sabotage or blockades), provided that the affected Party gives written notice to the other Party no later than five (5)
9 Days after the Party giving notice is first made aware of the occurrence, the facts and circumstances giving rise to it and the obligation or performance which is delayed or is prevented by it. FPSO The registered floating, production, storage and offloading tanker facility (including the Mooring System and the Process Equipment and all Additional Equipment that is installed on the FPSO by Owner Group), that is to be designed, engineered and constructed or refurbished and modified and capable of producing, receiving, and processing Crude Oil, injecting water into the reservoir as needed, separating associated natural gas and water from the Crude Oil produced, processing, purifying and compressing the separated associated natural gas and storing and exporting Processed Oil to an offloading tanker, and all engines, generators, pumps, storage tanks, valves, computer hardware, anchors, tools, machinery and equipment belonging thereto and a part thereof, all as more particularly described in the Specifications. FPSO Classification ABS Class +A1 Oil Production and Storage, or such other designation used by ABS to classify a floating production and storage vessel. FPSO Insurance Cover The insurance described in Article 28, to be procured and maintained by Contractor, or by Owner on Contractor' s behalf.
FPSO Operations and Maintenance
Manuals Shall have the meaning ascribed thereto in Clause 4.13. FPSO Site or Site The location in the Kikeh Field designated in Attachment D to which Owner is to deliver, moor, install and charter the FPSO. FPSO Terms and Conditions of Sale Shall have the meaning ascribed ther