Ithaca Energy's FPF-1 floating production facility is set to leave its yard in about two weeks and start first oil from the Greater Stella area in about three months from then.
UK-based independent Ithaca said modifications on the unit in the Remontowa Yard in Gdansk, Poland, had been completed with just two weeks work left to prepare for and perform a planned inclination test and loading of supplies before it sets sail for the North Sea.
Completion of modifications on the vessel, which was previously known as the AH001 and was used by Hess on the North Sea Ivanhoe and Rob Roy fields in the North Sea, has seen a series of set backs. Petrofac, the contractor, had its contract incentivized so that Petrofac would be paid up to US$34 million on sailaway prior to the end of March this year, reducing to zero after the end of 31 July.
The unit is due to produce the Greater Stella Area, containing the Stella and Harrier fields, initially via five subsea wells on Stella, with plans to also tie-in the Hurricane discovery and potentially other prospects in the area.
Ithaca's CEO Les Thomas said: “The FPF-1 works are now being finalized, with preparation and performance of the inclination test being the only work required prior to the vessel exiting the yard. We are delighted with the quality and completeness of the vessel, having achieved our key objective of completing the onshore scope in the yard and avoided costly carry over of unfinished work offshore. Our existing production business is performing well, with volumes running ahead of guidance and continued deleveraging being delivered ahead of Stella start-up.”
The AH001 was previously owned by Hess and operated by Aker Production Solutions. The AH001 had been converted from the Sedco/Phillips SS, the first offshore safety vessel. It was originally built by Mitsubishi Heavy Industries Shipyard at Hiroshima in Japan and delivered in 1977 at a cost of $40 million.
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