US oil major Chevron has canceled floating production, storage and offloading (FPSO) vessel order for the Rosebank oil and gas project.
Hyundai Heavy Industries (HHI), who in April 2013 secured the contract for the design verification, detailed design and full engineering, procurement and construction of the FPSO, informed that it has received a termination notice from Chevron on Tuesday.
Chevron decided to postpone the project in November 2013 to work with partners to “improve the project economics.”
Following the review of the project, in 2015 HHI awarded Bluewater Energy Services contract for the supply of turret and mooring system for the Rosebank FPSO.
The Rosebank project is located approximately 130 kilometers northwest of the Shetland Islands, in water depths of approximately 1,100 meters.
The project consist of an FPSO, production and water injection wells, subsea facilities, and a gas export pipeline. OneSubsea has received an order to supply subsea equipment for the Rosebank development totaling more than $500 million.
The Rosebank development is operated by Chevron’s subsidiary Chevron North Sea Limited.