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BW Offshore Signs LOA for FPSO in the UK North Sea

Source: www.gulfoilandgas.com 4/1/2014, Location: Europe

BW Offshore has signed a Letter of Award (LOA) with Premier Oil for a FPSO to operate on the Catcher oil field in the UK North Sea.

The LOA will be converted into a final contract subject to final partner sanction and Department of Energy and Climate Change (DECC) approval, expected to be completed during Q2 2014. The field is owned by Premier Oil (50%, operator), Cairn Energy (30%) and MOL (20%).

The firm charter period of the contract is 7 years, with extension options. Based on a field life of 10 years, the contract value is USD 2.3 billion including FPSO charter rate and opex.

BW Offshore was awarded a FEED study as part of a funded tender process by Premier Oil in Q4 2012, and has performed extensive engineering studies on the project during 2013 and Q1 2014.

BW Offshore's scope includes the delivery of the FPSO, mooring system, installation and operation of the unit throughout the charter period. The FPSO will have a processing capacity of 60,000 bopd and a storage capacity of 650,000 bbl. BW Offshore will order a new built hull from Japan for the project, while conversion and integration work will be performed in Singapore. The FPSO shall be ready for production mid-2017.

The project will be financed by a project specific bank facility of USD 800 million and BW Offshore’s existing liquidity.

FPSO Vessels and Equipment News in United Kingdom >>

Israel >>  4/3/2020 - Energean Oil and Gas plc (ENOG) the oil and gas producer focused on the Mediterranean, is pleased to announced that its FPSO hull sailed away from the...
United Kingdom >>  3/27/2020 - Teekay Corporation (Teekay) has entered into a new bareboat charter contract with the Foinaven Operator (Britoil Limited, a subsidiary of BP p.l.c.), ...

United States >>  3/18/2020 - BW Offshore has signed a five-year contract for the lease and operation of the BW Pioneer on the Cascade and Chinook fields on behalf of MP Gulf of Me...
Malaysia >>  3/9/2020 - Solstad Offshore ASA (SOFF) is pleased to announce that the AHTS Far Stream (UT712L, 2006 built) has been contracted to a major Malaysian operator to ...

Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


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