RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:FPF-1 valueOwnership and therefore accounting for part ownership in FPF was stated to be concluded with that contract on Oct19 2011. There is no breakdown of acquisitions under PP &E in those financials but between Sep 30 and Dec 31 that year they added $200MM of D&P assets and their actual field interest purchases were not near that amount in the qtr., so FPF 'must' be included.
It was a lump sum payment deal for the FPF development at the time of the contract, viz
"upgrade and modify the vessel on a lump sum basis with cost and vessel performance incentivisation mechanisms."
Plus Petrofac got field interests as part of the ongoing partnership agreement, namely,
"These transactions included the transfer of ownership interests in the “FPF-1” floating production unit to the Corporation, Dyas and CMNSL (the former Challenger name), while granting Petrofac the right to earn a 20% interest in Stella / Harrier (Blocks 30/6a) and the transfer of 20% interests in Hurricane (Block 29/10b) and Helios (Block 29/10d). On the same day, the Corporation agreed to divest a 25.34% interest in Hurricane to Dyas UK Limited with an effective date of January 1, 2011."
The rest I go along with Londoner but I do not see the buyback of FPF is relevant as the LOF is how many years and the whole idea was to underpin the value of the field development to IAE and Dyas?! In addition the FPF is/was intended for all the fields in the GSA.
We are nearly there. Lets forget about North Sea gales: the more important aspect is 100% tie-in of facilities to get it all working successfully.