UK: Ocean Installer to work on Cambo field development
- Business & Finance
Norway-based subsea company Ocean Installer has been awarded an agreement with Siccar Point Energy and Baker Hughes to support the appraisal and early production phases of the Cambo Project off the UK.
Ocean Installer said on Wednesday that the agreement includes the possibility to extend into the future developments. The company added that it would execute the job as part of an alliance with Baker Hughes, a GE company (BHGE).
As reported by Offshore Energy Today, Siccar Point Energy announced on Wednesday that it hired Baker Hughes to support the development of the Cambo field.
The field is located northwest of the Shetland Islands in the UK at a water depth of 1,100m, one of the deepest fields in Northern Europe yet to be developed. Over 100 million barrels of recoverable resources have already been discovered.
Phase 1 of the field’s development will be an early production system (EPS), followed by a Phase 2 full-field development. The project is scheduled to begin in 2018 and will be managed from Ocean Installer’s Aberdeen office. The construction support vessels Normand Vision and Normand Reach will be utilized for the offshore execution.
Steinar Riise, CEO of Ocean Installer, said: “An alliance like this enables us to improve execution efficiency and risk mitigation through the creation of shared project objectives, and minimize tendering costs, with the ultimate objective of creating more efficient subsea solutions.”
According to Ocean Installer, this is the first contract with Siccar Point, a company which acquired $1 billion worth of OMV UK’s assets in January 2017.
“With several other upcoming projects in the pipeline, we hope this will be the first of many jobs we win with Siccar Point. We also look forward to working together on this project as part of a long-term collaboration with BHGE,” added Riise.