The company will provide engineering, procurement, construction and commissioning services for the Tiber FPU
OFFSHORE and marine specialist Seatrium inked a memorandum of understanding (MOU) with BP Exploration & Production, a subsidiary of multinational oil and gas company BP, for a deepwater floating production unit (FPU) in the Gulf of Mexico.
Under the MOU, Seatrium will provide engineering, procurement, construction and commissioning services for the Tiber FPU, which will support the development of BP’s deepwater assets in the gulf.
The agreement builds on Seatrium and BP’s collaboration on the ongoing Kaskida FPU project. In December 2024, the company announced that it won the contract for engineering, procurement, construction and onshore commissioning works for a deepwater FPU named Kaskida.
The award of the contract for the Tiber FPU project is subject to BP’s final investment decision, set to be made later this year, Seatrium said on Thursday (Feb 13). Both companies will jointly define the scope of the project’s initial works under the MOU.
The FPU will be located some 300 miles (483 km) south-west of New Orleans in the Keathley Canyon area of the Gulf of Mexico, which the company referred to as Gulf of America after the Trump administration officially renamed it in January 2025. BP has had plans to develop the Tiber oil field, which is located next to the Kaskida oil field in the gulf.
The project will be equipped with advanced technologies to enhance operational efficiency and safety, and to ensure it meets “stringent requirements of deepwater production”, Seatrium said.
The company added that the Tiber MOU aims to leverage technological advancements made in the ongoing Kaskida project for the completion of the Tiber FPU.
Similar to the Kaskida project, the Tiber FPU project will leverage the Seatrium’s topsides single lift integration methodology, it added.
Shares of Seatrium ended 10.9 per cent or S$0.25 higher on Thursday at S$2.55.
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