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    Oceaneering announces Medusa Spar agreement

    News // September 29, 2003
    Oceaneering International has announced that it has signed an agreement to participate in the formation of a limited liability company (LLC), which will own a 75 per cent undividedownership interest in the deepwater production spar on the Medusa field in the Gulf of Mexico, subject to the occurrence of certain events.

    The LLC will earn a tariff based on production volume throughput. Oceaneering expectsto invest approximately $45 million to acquire a 50 per cent ownership in this LLC and estimates the closing of this transaction to occur in the fourth quarter 2003.

    The agreement is with Murphy Exploration & Production Company - USA, a subsidiary of Murphy Oil Corporation, and Callon Petroleum Operating Company, a subsidiary of Callon Petroleum Company).

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