UK: Bluewater Sells Uisge Gorm FPSO to EnQuest

EnQuest’s option to purchase Bluewater’s FPSO Uisge Gorm has been exercised and the sale was completed on Wednesday 25th of January 2012.

EnQuest will deploy the FPSO on the UK Alma and Galia fields project. The Alma/Galia field development project is worth approximately $850 million and will add a fourth hub to EnQuest’s existing operating base. It will increase EnQuest’s net 2P oil reserves by 29 MMboe and is expected to increase EnQuest’s production levels to over 40,000 Boepd in 2014. EnQuest is anticipating average annual production of between 20,000 Boepd and 24,000 Boepd for 2012, between 25,000 Boepd and 30,000 Boepd for 2013 and in excess of 40,000 Boepd for 2014. EnQuest anticipates adding further production through business development opportunities.

The development will consist of 7 production wells and 2 water injection/disposal wells, tied back to the modified Uisge Gorm Floating Production and Storage Offloading (‘FPSO’) vessel. The development plan is designed to be capable of processing high water cut levels up to 95%

Bluewater will continue to assist EnQuest with certain conversion related engineering scopes as well as the turnkey supply of part of the turret mooring system related hardware.

The Bluewater group of companies has built a technological lead specializing in lease and operation of tanker-based Production and Storage (FPSO/FSO) systems, and has become a leading provider of advanced Single Point Mooring (SPM) systems. Bluewater operates worldwide with offices in The Netherlands, United Kingdom, United States, Nigeria, Angola, Malaysia, Russia and China.

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Offshore Energy Today Staff, January 27, 2012; Image: Bluewater