Norway's PSA Gives Okay for Asgard C Upgrades

The Petroleum Safety Authority Norway has granted Statoil its consent to implement a major modification of the Asgard C floating storage vessel.

Asgard C is owned by the shipping company Knudsen OAS Shipping AS, and has operated for about four years for Statoil as a storage vessel for condensate production from Asgard B.

In connection with the development of the Kristin field, the Asgard and Kristin parties have agreed that Asgard C will be used as a joint storage facility for condensate. This requires an upgrade of Asgard C in a number of areas.

A new charter agreement has been signed with the shipping company, including options up to 2018. Statoil's application also included a request for extended lifetime for Asgard C. This portion of the application is still being considered.