Seatrium has signed an MOU with bp for the construction of a second floating production unit to be deployed in the body water that was recently renamed by the US as the Gulf of America.
The Tiber FPU, says Seatrium on Feb 13, will be used by the oil major to support its deepwater assets in the body known for years as the Gulf of Mexico.
News of this MOU, announced before trading, spurred Seatrium shares to gain 27 cents, or 11.74% to $2.57 thus far on Feb 13, extending a 6.48% gain the day earlier. Seatrium was the second most actively traded stock.
According to Seatrium, this FPU is located some 300 miles southwest of New Orleans in the Keathley Canyon area.
The value of this contract award is subject to the final investment decision by bp, anticipated later in 2025.
"This new agreement builds on Seatrium and bp’s partnership on the Kaskida FPU, which reached final investment decision in 2024," says Seatrium.
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Seatrium announced it won the contract for the Kaskida FPU from bp on Dec 24 last year.
The Kaskida field is located about 250 miles southwest of New Orleans in the Keathley Canyon area.
