Japanese floating production specialist MODEC said on 16 September that it is to provide a floating and storage vessel for Maersk Oil’s Culzean project in the North Sea.
The Culzean field is located about 233 km off the coast of Aberdeen.
Maersk Oil UK operates the field jointly with JX Nippon Exploration & Production (UK) and BP.
MODEC said its subsidiary, SOFEC, will design and supply the internal turret mooring system of the floating, storage, and offloading (FSO) and the whole vessel is expected to be completed by 2018.
Despite the oil shock weakening the outlook for floaters, MODEC has said it will leverage on its experience in front-end engineering design, engineering, procurement, construction, and installation to ride out the tough market.
In its mid-term business plan, the company said capital investments in new field developments in the longer term would materialise, with projects going into deeper waters.