BP Exploration & Production Inc. (bp) signed a memorandum of understanding (MoU) with Seatrium Ltd. for a floating production unit (FPU) for its Tiber offshore oil project.
Under the MoU, Seatrium will carry out engineering, procurement, construction, and commissioning (EPCC) of an FPU for the Tiber project, which lies about 300 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of Mexico.
The FPU would be equipped with advanced technologies to enhance operational efficiency and safety, ensuring it meets the stringent requirements of deepwater production, Seatrium said. bp and Seatrium will jointly define the initial works and EPCC scope under the MoU.
The Tiber contract award is subject to the final investment decision by bp, anticipated later in 2025. It is the second FPU agreement with bp. In 2024, the companies partnered on the Kaskida FPU, which also lies in the Keathley Canyon area (OGJ Online, July 31, 2024).