Ocean Installer secures Cambo field dealContracts, Tenders and Rates // November 1, 2017
Ocean Installer has been awarded an agreement by Siccar Point Energy and Baker Hughes to support the appraisal and early production phases of the Cambo Project, with the ability to extend into the future developments.
Ocean Installer will execute the job as part of an alliance with Baker Hughes.
“An alliance like this enables us to improve execution efficiency and risk mitigation through the creation of shared project objectives, and minimize tendering costs, with the ultimate objective of creating more efficient subsea solutions,” said Steinar Riise, CEO of Ocean Installer.
This is Ocean Installer’s first contract with Siccar Point, which has established itself as a key operator after acquiring OMV UK earlier this year. The field is located northwest of the Shetland Islands in the UK at a water depth of 1,100m, one of the deepest fields in Northern Europe yet to be developed. Over 100 million barrels of recoverable resources have already been discovered.
Phase 1 of the Cambo field development will be an early production system (EPS), followed by a Phase 2 full-field development. The project is scheduled to commence in 2018 and will be managed from the Ocean Installer Aberdeen office.
The construction support vessels Normand Vision and Normand Reach will be utilised for the offshore part of the project.