Plans to develop the Catcher North Sea field have taken a step forward after the operators agreed a £1.4billion deal for the vessel to process oil from the find.
The field, around 110 miles east of Aberdeen, is due to be approved by the Department of Energy and Climate Change within the next few weeks.
Ahead of final sanction on the project, operator Premier Oil – which is developing the 80million barrel project with Cairn Energy and Hungarian group MOL – has now struck an an agreement for the vessel which will produce oil.
Click here to read more on the history of the Catcher field
BW Offshore will provide the FPSO, with a minimum seven-year deal for the production unit on a deal worth around £1.38billion ($2.3billion).
The vessel will be built in Japan and converted for use in the North Sea in Singapore, with the ability to process up to 60,000 barrels of oil per day. It will be able to store 650,000 barrels.
The Norwegian firm, which was awarded the front end engineering study on the project in 2012, has been carrying out engineering planning since last year.
“BW Offshore’s scope includes the delivery of the FPSO, mooring system, installation and operation of the unit throughout the charter period,” the company said today.
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