Offshore & subsea - 24 May 2021

The contract is with a wholly-owned subsidiary of the BW Offshore group.

BP currently holds a 27.5% non-operated interest in the Shearwater condensate and gas field, operated by Shell, in the UK Central North Sea.

The contract, which started in January 2021, has been awarded for three years and extends 80:20’s coverage to all of TEPUK’s North Sea assets.

The combined company will continue as Delmar Systems and as Vryhof.

The site survey is expected to commence at the end of July 2021 and be completed in 3Q21.

The transaction has been made with EnVen Energy Ventures, LLC.

The funding facility, provided by Arbuthnot Commercial ABL, will deliver working capital to support anticipated growth as well as potential future acquisitions.

The contract scope includes engineering, fabrication, installation and pre-commissioning of 80 km of rigid risers and flowlines for the steel lazy wave production system, 60 km of flexible service lines, 50 km of umbilicals and associated infrastructure, as well as installation of FPSO mooring lines and hook-up.