First E&P selects Aquaterra for Nigeria platforms

LAGOS, November 27, 2018 – Aquaterra has been selected to provide platforms for a First E&P-Nigerian National Petroleum Corporation JV, the offshore engineering company announced Tuesday.

Aquaterra will work with local partner Maerlin Nigeria to design, engineer and install two non-identical platforms on the Anyala and Madu fields in OMLs 83 and 85 offshore Nigeria. The Sea Swift platforms will be installed in water depths of 35-55 metres with first oil expected in late 2019.

“To meet First E&P’s goal of reaching first oil in 2019, a modern approach to platform development is required, and a partner with the technical expertise to develop a cost-effective, comprehensive solution that could be designed, engineered and delivered rapidly,” Stewart Maxwell, technical director at Aquaterra Energy, said.

First E&P and Yinson Holdings had been negotiating for the supply and charter of an FPSO to operate on the Anyala and Madu fields. The parties were negotiating a bareboat charter, which was expected to last seven years with a possible eight-year extension, and an operations and management agreement. In October, the parties extended the deadline to reach an agreement a second time, until November 23.

In July 2018, First E&P’s JV with NNPC agreed a USD 724-million financing deal with Schlumberger. The oilfield services giant will provide the sum as part of the USD 1.082 billion needed to develop the Anyala and Madu fields. The remainder is to be funded by cashflows from the project.

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