MODEC wins Culzean FSO contract
UK
LONDON, September 16, 2015 – Japan’s Mitsui Ocean Development & Engineering Company (MODEC) announced on Wednesday in a press release that it has signed a contract with Danish oil and gas company Maersk Oil to build a floating storage and offloading vessel (FSO) for Maersk’s offshore Culzean project, located 233 kilometres off the northern coast of the UK.
MODEC will be responsible for engineering, procurement, and construction of the FSO, while Houston-based mooring specialist Sofec will design its turret mooring system. Construction and delivery are expected to be completed in the first half of 2018. The FSO will be built with a 350,000-barrel storage capacity and a receiving capacity of 25,000 barrels of condensate per day.
President and CEO of MODEC, Toshiro Miyazaki stated, “This new contract represents a significant milestone for MODEC in gaining entry into the important North Sea oil and gas industry.”
The Culzean field was discovered in 2008 in Block 22/25 of the UK’s Central North Sea. Estimated plateau production at the asset is between 400 mcf (11.3 mcm) and 500 mcf (14.2 mcm) per day.
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