Lundin Books Safe Boreas for Edvard Grieg Project (Norway)

July 5, 2012

Cyprus’ based Prosafe has signed a contract with Lundin Norway AS for the use of its new build accommodation rig Safe Boreas to provide accommodation support at the Edvard Grieg Project in the Norwegian sector of the North Sea.

On site operations are planned to start Q2 2015, with a firm period of 6 months. In addition, Prosafe has granted Lundin one 5 month option exercisable up to or within Q3 2014, or one 2 month option exercisable up to or within Q3 2015.

Total value of the firm period will be approximately USD 63.4 million. The award is the first contract for the Safe Boreas which will, according to the owner, be the most advanced and efficient harsh environment accommodation rig in the world, with facilities for 450 persons in single man cabins, a DP3 (dynamic positioning) system as well as a 12 point mooring arrangement.

Edvard Grieg

The Edvard Grieg is the first standalone development project operated by Lundin Petroleum on the Norwegian Continental Shelf (NCS). Last month, the company received final approval from the Norwegian Parliament for the field development plan.

First production from the Edvard Grieg field in PL338 is expected in late 2015 with a forecast gross peak production of approximately 100,000 barrels of oil equivalent per day (boepd) (90,000 barrels of oil per day (bopd) and 1.5 million Sm3 of gas per day). The capital cost of the Edvard Grieg development including platform, pipelines and production wells is estimated at USD 4 billion.

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Offshore Energy Today Staff, July 5, 2012