Mainboard-listed Seatrium has secured the contract for a newbuild FPU from bp, bringing the value of its 2025 contract wins to more than $2 billion.
Under the contract, Seatrium will undertake the engineering, procurement, construction and onshore commissioning of the Tiber floating production unit (FPU) project.
The Tiber FPU is the offshore and marine company’s second consecutive deepwater project for bp, following the Kaskida FPU which was awarded in December 2024.
“The Tiber FPU award … highlights Seatrium’s expanding foothold in the FPU segment, delivering exceptional quality and efficiency with uncompromising safety through maximum on-ground completion and single-lift capability,” says William Gu, executive vice president of Seatrium Energy (International).
With a production capacity of 80,000 barrels of crude oil per day, the Tiber FPU will operate from the Tiber and Guadalupe fields in the Keathley Canyon area, about 300 miles (480 kilometres) southwest of New Orleans, in water depths of around 4,100 feet (1,200 metres).
The Tiber FPU’s design replicates more than 85% of the design of the Kaskida FPU. This means Seatrium can capitalise on an established design and thereby achieve better efficiencies and apply lessons learnt and best practices for project execution.
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The topside for the Tiber FPU will be installed onto the hull using Seatrium’s single-lift integration methodology, enabled by its Goliath twin cranes with a combined lifting capacity of 30,000 tonnes. This approach allows the topside to be fully completed and tested at ground level, maximising readiness, safety and efficiency.
The Tiber FPU follows the ongoing Shell Sparta and bp Kaskida FPU newbuilds and the successful completion of Shell’s Vito and Whale FPU newbuilds in 2021 and 2023, respectively.
Seatrium's shares closed at $2.06 on Nov 25, down by one cent (0.48%).
