Huntington costs keep growing

Upgrade costs for the FPSO Sevan Voyageur continue to climb, according to contractor Sevan Marine.

Offshore staff

ARENDAL, Norway – Upgrade costs for the FPSO Sevan Voyageur continue to climb, according to contractor Sevan Marine.

E.ON Ruhrgas and its partners commissioned the upgrade to adapt the floater for the Huntington field development in the UK central North Sea. It had previously served on the Oilexco-developed Shelley field.

Following further detailed project reviews and assessments, Sevan Marine has identified additional costs, lifting estimated expenditure to $160-170 million, up from the previous estimate of $135 million.

This increase is due mainly to added delays, increased procurement costs for certain equipment, yard services, and additional contingencies.

First oil from Huntington is now expected next spring.

07/12/2011

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