Sembcorp Marine to Build $725M Topside for Ivar Aasen Project

Sembcorp Marine disclosed late Thursday that it build a $725 million (SGD900 million) offshore platform integrated topside, which will be bound for the Ivar Aasen development in the North Sea.

The floating productions unit of Sembcorp Marine, SMOE, inked a letter of intent with Det Norske Oljeselskap (DNO) - a Norwegian exploration and production company - to undertake the engineering, procurement and construction (EPC) work of the topside.

The 13,700 tonne topside, which is designed to house 70 people and to be installed at a water depth of 367 feet (112 meters), will be equipped with a living quarters module and a helideck. It will also include modules for process, gas compression, separation, water injection, flare boom, metering and utilities.

SMOE will start construction in December this year, with sail-away scheduled in March 2016.

The Ivar Aasen project is situated west of the Johan Sverdrup field in the Norwegian Continental Shelf, 112 miles (180 kilometers) west of Stavanger, containing approximately 150 million barrels of oil equivalents. First oil from the project is expected to start in the fourth quarter of 2016. The anticipated life span of Ivar Aasen can reach 20 years.