A Introduction

3.1 The construction phase is a crucial part of an FPSO charter. Unlike conventional vessels, an FPSO is not chartered ‘as-is’ i.e. without work being performed in order to make the FPSO fit for the charter operations. A newbuild may be required, or a conversion of a tanker, or the modification of an existing FPSO. Modification work may sometimes be almost as extensive as a full conversion, for example where the FPSO is relocating from one region to another.