COSCO Shipyards and Sevan Marine Cash in on FPSO Newbuild Order

The Voyageur Spirit FPSO was installed in September at the Huntington Field in the UK sector of the North Sea, image courtesy Sevan Marine

COSCO Nangtong and Qidong Shipyards won a USD $370 million FPSO newbuild order yesterday from Dana Petroleum to build a Sevan FPSO for the Western Isles project, an oilfield located 500 kilometers northeast of Aberdeen, Scotland in 558 feet (170 meters) of water, comprising the Harris (formerly Rinnes) and Barra (formerly Melville) fields.

Sevan Marine won both the technology licensing agreement which grants Dana Petroleum rights to use Sevan Marine’s patented technology for the cylindrically shaped FPSO as well as a service agreement to provide the engineering, procurement and construction phase support with relevant expertise during project execution.

The Dana-operated Western Isles Project will develop two discovered oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands and 12km west of Tern field. It involves a subsea development of at least five production and four water injection wells tied back to the FPSO with oil export using shuttle tanker. Dana operates the development with a 77% percent stake, while Cieco Exploration and Production holds the remaining 23 percent.

Scheduled for delivery in June 2015, the FPSO will measure 78 meters in diameter, 32 meters high and will have a storage capacity of up to 400,000 barrels of oil.

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