On 13 February 2025, Seatrium Limited (Seatrium, or the Group) announced that it has signed a Memorandum of Understanding (MOU) with BP Exploration & Production Inc. (bp) in preparation for a second project, the Tiber Floating Production Unit (FPU), in the US Gulf of America.
Under the MOU for the Tiber project, Seatrium would provide services to carry out the engineering, procurement, construction, and commissioning (EPCC) of a state-of-the-art FPU designed to support the development of bp’s deepwater assets in the US Gulf of America. The Tiber FPU would be equipped with advanced technologies to enhance operational efficiency and safety, ensuring it meets the stringent requirements of deepwater production.
The Tiber discovery is located approximately 300 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of America.
bp and Seatrium will jointly define the initial works and EPCC scope under the MOU. The Tiber contract award is subject to the final investment decision by bp, anticipated later in 2025.
This new agreement builds on Seatrium and bp’s partnership on the Kaskida FPU, which reached final investment decision in 2024. The Kaskida field is located about 250 miles southwest of New Orleans in the Keathley Canyon area.
The Tiber MOU aims to leverage lessons learned and technological advancements achieved from the ongoing Kaskida project to achieve operational excellence for the successful completion of the Tiber FPU. Similar to Kaskida, the Tiber FPU project would leverage the Group’s proven topsides single lift integration methodology.