Contract for development work for BPs Quad 204 project west of Shetland
Oilfield services firm Technip has won a £500 million contract with BP in the UK North Sea. The French company's UK subsidiary, based in Aberdeen, has been awarded the contract by BP and partners to develop the subsea infrastructure for the Quad 204 project west of Shetland.
The Quad 204 Partners is made up of BP, Shell, who have the largest stakes of 36.3 per cent, with Hess holding 12.9 per cent and Statoil, OMV and Murphy Petroleum holding 4.8 per cent stakes.
This latest contract is the largest ever secured by Technip in the North Sea.
Knut Boe, senior vice president of Technip’s North Sea and Canada region, said: “We are extremely pleased to be supporting BP with the Quad 204 project.
“It is a significant milestone for the United Kingdom Continental Shelf both in terms of size and scope and is a fantastic example of Technip’s ability to deliver large, complex developments.
“Furthermore, as a result of Quad 204 and other contract wins we will be looking to grow our Aberdeen based team over the next year.”
Trevor Garlick, Regional President BP North Sea, said: “We are investing in North Sea assets with growth potential.
“The re-development of the Schiehallion and Loyal fields are a key part of this. We look forward to working with Technip UK to deliver what is one of the UK’s largest ever subsea installation contracts.”
The Quad 204 project, approved in July 2011, will replace the existing Schiehallion production facility with a new purpose built floating production, storage and offloading facility (FPSO).
Technip will also install extensive new subsea infrastructure for the development, which it is estimated will add an additional 450 million barrels of oil equivalent and extend production through to 2035.
It is estimated that BP's Quad 204 development, which includes the Schiehallion & Loyal fields, will have produced more than a billion barrels of oil equivalent by the end of its design life at 2035.