The fixed term of the charter contract is 30 months, with extension options for an additional 24 months. The SSP 300 FPSO will be installed on the Chestnut field mid-2007. The contract value for the fixed term is approximately US $64 million, excluding the value of any operational services to be performed by Sevan Marine.
The SSP 300 FPSO will be equipped with a process plant capacity of 30,000 barrels of oil per day, a water injection plant with a capacity of 20,000 barrels per day and an oil storage capacity of 300,000 barrels.
The Chestnut field is being developed with reserves of between 7 and 15 million barrels and as such this will be one of the smallest developments in the North Sea with its own production unit.
Wilhelm Petesen P/F Atlantic Petroleum's CEO
Chestnut partners and interests
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