Seatrium and BP Ink MoU for Tiber FPU Project in Gulf of Mexico

Seatrium Limited (SG:5E2) and BP Exploration & Production Inc. (bp) have signed a Memorandum of Understanding (MoU) for the Tiber Floating Production Unit (FPU) project in the US Gulf of Mexico. This collaboration aims to leverage technological advancements and lessons learned from their previous Kaskida FPU project to enhance operational excellence. The Tiber project is subject to bp's final investment decision (FID) expected later in 2025, underscoring Seatrium's continued partnership with bp and its strategic role in deepwater asset development.

Seatrium, a Singapore-based provider of offshore, marine, and energy solutions, will provide engineering, procurement, construction, and onshore commissioning (EPC) services for the Tiber FPU project. The project is expected to leverage Seatrium's proven topside single-lift integration methodology, which has been successfully applied in previous projects, including the Kaskida FPU. This methodology allows for optimal readiness, reduces safety risks during the assembly of topsides, and enhances overall project efficiency.

The Tiber FPU project is anticipated to have a nameplate production capacity of 80,000 barrels of oil per day, similar to the Kaskida FPU. The project is expected to leverage simplified, standardized, and cost-efficient design, planned to be replicated in future projects. The Tiber FPU is designed to support the development of bp's deepwater assets in the US Gulf of America, unlocking the potential for development of 10 billion barrels of discovered resources in place in the Gulf of Mexico Paleogene.

The Tiber project is expected to build on the success of the Kaskida project, which reached a final investment decision in 2024. The Kaskida field is located about 250 miles southwest of New Orleans in the Keathley Canyon area, while the Tiber discovery is located approximately 300 miles southwest of New Orleans in the same region. Both projects are expected to leverage advancements in 20K drilling technology and updated seismic imaging, enabling bp to safely develop the projects and progress plans for other fields such as Tiber.

The Tiber MoU aims to leverage lessons learned and technological advancements achieved from the ongoing Kaskida project to achieve operational excellence for the successful completion of the Tiber FPU. Similar to Kaskida, the Tiber FPU project would leverage Seatrium's topside single-lift integration methodology.

In conclusion, the Tiber FPU project represents a significant opportunity for Seatrium and bp to collaborate on a deepwater floating production unit project in the US Gulf of Mexico. By leveraging technological advancements and lessons learned from the Kaskida project, the Tiber project is expected to enhance operational excellence and unlock the potential for development of significant discovered resources in the Gulf of Mexico Paleogene. The Tiber project is subject to bp's final investment decision, expected later in 2025, and underscores Seatrium's continued partnership with bp and its strategic role in deepwater asset development.