Premier Cuts Catcher Costs by 15%

The Premier-operated Catcher project is progressing under budget and is scheduled to deliver first oil in the second half of 2017, the company informed on Wednesday.

Premier said that the forecast gross capex to first oil is now anticipated to be some 15 per cent below that original sanctioned due to significant cost savings.

Cost savings secured include reductions negotiated on contracts, the release of contingencies as work programmes are completed, and the re-phasing of some contractor payments and work scopes, given the good progress made to date in the subsea installation campaign and the drilling results.

Reportedly, the 2016 subsea installation campaign is progressing well. The four remaining drilling templates are now in place while installation of the flowline bundles, towheads and mid water arches is in progress. The dynamic risers and umbilicals are on track for delivery in June. Premier said it is targeting completion of subsea work in 2016 ahead of schedule.

Meanwhile, the Buoy is transiting to North East Scotland and, together with the mooring system, is on track for installation this summer. Drilling on the first Catcher template has been completed and all four wells have met or exceeded pre-drill expectations. Drilling on the Burgman template is expected to begin shortly, following the completion of drilling at the Laverda/Slough exploration prospects.

Delivery of the FPSO hull to Singapore is expected by July and progress in manufacturing of the topside units has been good. Following integration and commissioning, the sail-away date of the FPSO from Singapore for a 2017 field start up remains on track.