Cost issues imperil Huntington schedule

Noreco says there is a risk of a delay to start-up the Huntington field in the UK North Sea, currently scheduled for 1Q 2012.

Offshore staff

STAVANGER, Norway – Noreco says there is a risk of a delay to start-up the Huntington field in the UK North Sea, currently scheduled for 1Q 2012.

The company has a 20% interest in the field, operated by E.ON Ruhrgas, which will be produced using the upgraded floating production platformSevan Voyageur.

TheVoyageur is owned by Sevan Marine, which recently warned of cost overruns for the upgrade program.

Noreco says the Huntington partners have extensive agreements with Sevan Marine and other relevant stakeholders, which imply that the partners do not bear the risk of cost overruns.

They also secure the rights to access theVoyageurand to exercise control over the upgrade project in the event that Sevan breaches certain conditions.

06/10/2011

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