Falklands' oil industry development continues despite slump in crude prices
Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.
The company told investors on Thursday that a front end engineering design (FEED) contract has now been awarded for the field’s SURF (Subsea Umbilicals, Risers and Flowlines) Transport and Installation.
It has contracted Subsea7, and also a FEED contract has also been awarded to National Oilwell Varco for the project’s flexibles.
”The award of FEED for SURF Transport and Installation and Flexibles to such internationally renowned contractors builds on the momentum of the award of the FPSO FEED contract to SBM earlier this year and demonstrates that, despite the low oil price environment, the Sea Lion project continues to move forward,” said chief executive Sam Moody.
Further FEED contracts, for the sub-sea production system are expected to be awarded in the current quarter. Rockhopper has a 40% stake in Sea Lion, which is operated by Premier Oil.