Statoil drops Bressay platform order at Daewoo

Norwegian oil company Statoil has canceled an option for a fixed platform for a UK North Sea development from South Korea’s shipbuilder Daewoo Shipbuilding and Marine Engineering. 

According to the shipbuilder’s regulatory filing on Friday, Statoil canceled the order for the fixed platform for the Bressay heavy oil project located in the UK sector of the North Sea on Thursday, July 28.

The field is operated by Statoil with 81.625% interest, while the remaining 18.375% interest is held by Shell. The order, placed back in 2013, was worth around $1.41 billion.

The shipbuilder also said that Statoil dropped the order for the project, already exacerbated by delays, due to deterioration in the global business environment. To remind, Statoil already put the Bressay development on ice, over low oil price environment, in March this year.

Offshore Energy Today reached out to Statoil seeking confirmation and further details about the cancellation of the order.

A Statoil’s spokesperson referred to the company’s previous update from March when Statoil said that after working many years to find a profitable development solution for the challenging Bressay asset, it had decided to halt the concept selection process.

The Bressay heavy oil field was first discovered in 1976, but a combination of technical and commercial challenges has resulted in the long period to mature the discovery to development. The discovery stretches over four licenses.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation…

read more >

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply