MODEC Supplies World's Deepest TLP at the Marco Polo Field
FMC Technologies, Inc. announced that MODEC International LLC, a joint venture of FMC Technologies and MODEC Inc., Tokyo, has entered into a letter of intent with El Paso Energy Partners, L.P. to provide the engineering, procurement and construction of the hull, mooring and production riser system for the world's deepest planned tension leg platform (TLP).
The TLP is expected to be owned by El Paso Energy Partners and Cal Dive International. The platform is planned to serve as a production hub at Green Canyon Block 608 in the Gulf of Mexico for Anadarko Petroleum Corporation's (NYSE: APC) Marco Polo field discovery.
The TLP is planned to be installed in 4,300 feet of water depth and capable of supporting processing equipment designed to process 100,000 barrels of oil and 250 million cubic feet of natural gas per day. The facilities are scheduled to be online in 2004.
FMC Technologies expects to receive three-eighths of the profits from the TLP in proportion to its ownership stake in MODEC International. "We're pleased that our affiliate, MODEC International, has been selected to provide the TLP for the Marco Polo development," said Joseph H. Netherland, Chairman, President and Chief Executive Officer of FMC Technologies. "This selection helps illustrate that TLPs are fast becoming the choice for cost-effective, advanced wellhead technology in deepwater environments."