Emas Offshore Construction and Production inpact for a North Sea project

16 December 2011: EOC Limited’s 100 per cent owned subsidiary, Emas Offshore Construction and Production Pte (“EOCP”) has entered into an exclusive interim agreement with the owners of the Perth Field comprising DEO Petroleum UK , Faroe Petroleum UK and Atlantic Petroleum UK (together the “Perth Group”).

Under the agreement, EOCP will perform detailed engineering to further refine the concept established during the FEED (Front End Engineering and Design) studies for a Floating Production Storage and Offloading vessel (“FPSO”) to be deployed in the Perth Field development in Block 15/21a of the UK Continental Shelf. The FPSO and its processing capabilities will be designed to accommodate the several phases of development drilling on the field, and will also feature expanded capacity to handle the anticipated tiebacks from the various third-party stranded fields in the vicinity. Under the terms of the Interim Agreement the parties have substantially agreed commercial and other terms for the Charter Party that they propose to enter on satisfaction of certain conditions including project sanction by the Department of Energy and Climate Change (“DECC”).

Source: Yourindustrynews