Orcadian Energy, the North Sea focused oil and gas development company, is pleased to announce that it has received three expressions of interest for the provision of an FPSO for the Pilot development.
As advised in the Admission Document, the Company engaged Crondall Energy to approach the appropriate FPSO providers on our behalf and has been delighted with the quality of the responses. Three of the four companies, currently operating FPSOs on the UKCS, submitted detailed proposals to Orcadian. The Company will now enter into discussions to clarify the proposals which the Directors expect to take several months. The Company anticipates announcing its preferred partner for the development of Pilot in due course.
Steve Brown, Orcadian’s CEO, said:
“We were very pleased to have received three such high-quality expressions of interest for the provision of an FPSO for the Pilot development. We will be evaluating these proposals and discussing them with the contractors, to optimise both the vessel selection and the technical and commercial framework for engaging an FPSO contractor as a partner in the development of Pilot.”