Seatrium Limited (Seatrium) announced that it has been awarded a Letter of Intent (LOI) by BP Exploration & Production Inc. (BP) to provide services to carry out certain early engineering works pending the finalisation of a definitive contract for engineering, procurement, construction and commissioning work for BP’s Kaskida Floating Production Unit (FPU) project in the US Gulf of Mexico.
The Kaskida project is a greenfield development located approximately 250 miles southwest of New Orleans, in the Keathley Canyon area of the Gulf of Mexico. Comprising a single topside module supported by a four-column semi-submersible hull, the Kaskida FPU is supported by subsea production wells located in a water depth of approximately 6,000 feet.
The EPC contract award is subject to mutually agreed terms and conditions and management approval, and the final investment decision by BP.
Mr William Gu, Executive Vice President, Oil & Gas (International) of Seatrium, said, “We are pleased to secure the Letter of Intent with bp for the Kaskida development. This award reflects our expertise and successful track record of delivering complex FPUs. Over the years, Seatrium has established itself as the market leader in EPC projects for FPUs. We look forward to the opportunity to contribute to the success of the Kaskida project.”
The LOI is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 31 December 2024.
