Rendering of BP's Kaskida offshore platform in the Gulf of Mexico

Singapore-headquartered provider of offshore, marine, and energy solutions Seatrium has secured a job ahead of a newbuild floating production unit (FPU), destined for a deepwater oil project operated by BP Exploration & Production, a subsidiary of the UK-based energy heavyweight BP, in the Gulf of America, formerly the U.S. Gulf of Mexico.

By signing a memorandum of understanding (MOU) with BP in preparation for a second deepwater project, known as the FPU Tiber, in the US Gulf of America, Seatrium would provide services to carry out the engineering, procurement, construction, and commissioning (EPCC) of a new FPU designed to support the development of the energy giant’s deepwater assets in the U.S. Gulf of America.

According to the Singapore-based player, the FPU Tiber would be equipped with advanced technologies to enhance operational efficiency and safety, ensuring it meets the stringent requirements of deepwater production. The duo plans to pool resources to define the initial works and EPCC scope under the MOU. However, the Tiber contract award is subject to the U.S. project’s final investment decision (FID), anticipated later in 2025.

Located approximately 300 miles (482.8 kilometers) southwest of New Orleans in the Keathley Canyon area of the Gulf of America, the Tiber discovery was made in 2009. BP, Chevron, and ConocoPhillips signed up to an ownership and operating model in 2015 to combine expertise and resources to unlock Tiber and Gila discoveries and pursue the development of a new production hub in the Keathley Canyon.

The focus was on moving these two Paleogene discoveries closer to development and providing expanded exploration access in the emerging geologic trend in the deepwater Gulf of America, as BP believed that combining the technical strengths and financial resources of the trio would provide greater efficiency through scale, reduce subsurface risk, and increase the likelihood of achieving a future commercial development.

In addition, the UK oil major was convinced that developing the Paleogene trend’s portions would require next-generation tools and systems for operating in high-pressure, high-temperature reservoirs. The advancements in 20K technology are perceived to have unlocked the development of such assets, as it also enabled Chevron and TotalEnergies to bring online in 2024 an oil and gas project in the Gulf of America, described as the industry’s first high-pressure deepwater development.

The new agreement between Seatrium and BP builds on the duo’s partnership regarding the FPU Kaskida, which reached a final investment decision in 2024. The Kaskida field is situated about 250 miles (402.34 kilometers) southwest of New Orleans in the Keathley Canyon area.

The Singapore-based firm highlighted: “The Tiber MOU aims to leverage lessons learned and technological advancements achieved from the ongoing Kaskida project to achieve operational excellence for the successful completion of the Tiber FPU. Similar to Kaskida, the Tiber FPU project would leverage the Group’s proven topsides single lift integration methodology.”

BP has been busy with multiple new projects. The firm recently got hold of a deal to tackle the decline in hydrocarbon production levels at ONGC’s oil field off India’s west coast.