MODEC Bags FSO Supply Contract from Maersk Oil for Culzean Field

Japan's MODEC, Inc. reported Wednesday that it has signed a contract with Maersk Oil North Sea UK Limited to supply a Floating Storage and Offloading (FSO) vessel for the Culzean development project in the North Sea.

Under the contract, MODEC will provide the engineering, procurement and construction (EPC) of the FSO, while its subsidiary SOFEC, Inc. will design and supply the Internal Turret mooring system. The FSO will be equipped to receive 25,000 barrels of condensate per day and stored up to 350,000 barrels.

Delivery of the floating facility to Maersk Oil UK is targeted for the first half of 2018, when it will be deployed at the Culzean field approximately 145 miles (233 kilometers) off the coast of Aberdeen in water depth of around 295 feet (90 meters).

"We are very honored to be awarded the contract for supply of the FSO by Maersk Oil. This new contract represents a significant milestone for MODEC in gaining entry into the important North Sea oil and gas industry,” Toshiro Miyazaki, president and CEO of MODEC said in the press release.

Partners in the Culzean field are Maersk Oil UK (operator), JX Nippon Exploration & Production (UK) Limited and BP plc.



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