The company will provide engineering, procurement, construction and commissioning services for the Tiber FPU
OFFSHORE and marine specialist Seatrium inked a memorandum of understanding (MOU) with BP Exploration & Production, a subsidiary of multinational oil and gas company BP, for a deepwater floating production unit (FPU) in the US Gulf of America.
Under the MOU, Seatrium will provide engineering, procurement, construction and commissioning services for the Tiber FPU, which is designed to support the development of BP’s deepwater assets in the gulf.
The agreement builds on Seatrium and BP’s collaboration on the Kaskida FPU project. In December 2024, the company announced that it won the contract for engineering, procurement, construction and onshore commissioning works for a deepwater FPU named Kaskida.
The award of the contract for the Tiber FPU project is subject to BP’s final investment decision, set to be made later this year, Seatrium said on Thursday (Feb 13). Both companies will jointly define the scope of the project’s initial works under the MOU.
The project will be located approximately 300 miles south-west of New Orleans in the Keathley Canyon area of the Gulf of America, which was formerly called the Gulf of Mexico before the Trump administration officially renamed it in January 2025.
The Tiber FPU will be equipped with advanced technologies to enhance operational efficiency and safety, and to ensure it meets “stringent requirements of deepwater production”, Seatrium said.
The company said that the MOU aims to leverage lessons learnt from the ongoing Kaskida project for the completion of the Tiber FPU.
Similar to the Kaskida project, the Tiber FPU project will leverage the Seatrium’s topsides single lift integration methodology, it added.
Shares of Seatrium ended 6.5 per cent or S$0.14 higher on Wednesday at S$2.30
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