WATCH: 40-year-old FPSO comes to Spanish shipyard ahead of work in Southeast Asia

February 3, 2026, by Melisa Cavcic

A 1986-built floating production, storage, and offloading (FPSO) vessel has arrived at a shipyard in Tenerife, which is part of Spain and the largest of the Canary Islands in the Atlantic Ocean. This unit has lined up an assignment at two oilfields off the coast of Timor-Leste in Southeast Asia.

FPSO Petrojarl I; Source: Tenerife Shipyards

After Amplus Energy acquired the FPSO Petrojarl I last year and made progress in preparing the vessel for future redeployment, Finder Energy picked the vessel for its Kuda Tasi and Jahal oil (KTJ) fields project in Timor-Leste waters.

As a result, the ownership of the FPSO was to be transferred to Finder, with Amplus continuing to play a central role in delivering FEED, life-extension, upgrade work, and ultimately operations and maintenance services following field deployment.

The change in ownership is expected to unlock a pathway to a final investment decision (FID) for the KTJ oil project by mid-2026 and first oil by year-end 2027. The arrival of the FPSO at Hidramar Group was disclosed a few days ago.

Tenerife Shipyards underlined: “Receiving a new FPSO of the scale of Petrojarl, following the successful execution of the GTA FPSO project and the FPSO Espoir, is not the result of chance.

“It is a direct consequence of the trust that major brownfield operators have begun to place in our multidisciplinary team, and a clear endorsement of our cost-reduction strategy for large-scale projects, based on the deployment of highly motivated in-house resources driven by a culture of excellence and efficiency.”

FPSO Petrojarl I comes to Tenerife Shipyards

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According to Tenerife Shipyards, working on this vessel demonstrates its ability to manage complex repair scopes with immediate mobilization and uninterrupted execution.

Hidramar is currently also working closely with HMH to complete a five-year re-certification of a telescopic joint, a key component within a vessel’s marine riser system, designed to compensate vertical motion between the rig and the subsea wellhead.

The ongoing scope is said to involve complete disassembly, detailed inspection, overhauling, and controlled reassembly, ensuring full compliance with safety and operational standards.