Japan based MODEC, has won the contract to build a Floating Storage and Offloading (FSO) vessel, for Maersk Oil’s offshore Culzean field.
Since then operator Maersk Oil has been on a frantic mission to fast track the field’s development, handing out multiple contracts on a daily basis.
The contract will see the Tokyo based firm handle all engineering, procurement and construction (EPC) of the FSO, with delivery taking place in the first half of 2018.
The FSO has been designed with a storage capacity of 350,000 barrels, and the capability of receiving 25,000 barrels per day from the Culzean field via subsea pipeline through its Turret.
The Culzean field is believed to be the biggest offshore oil discovery in UK waters for over 10 years, with estates showing it will provide the UK with around 5% of its total oil demand at it peak production.
President and CEO of MODEC, Toshiro Miyazaki, said “We are very honoured to be awarded the contract for supply of the FSO by Maersk Oil,”,
“This new contract represents a significant milestone for MODEC in gaining entry into the important North Sea oil and gas industry.”