Mercator Offshore has completed the previously announced sale of its Virini Prem floating production unit.
The company in December 2016 said it would sell the unit for no less than $76 million to Oriental Resources.
Oriental is a co-venturer and a production sharing partner of Ebok field offshore Nigeria where the FPU is currently deployed.
In a statement on Thursday, Mercator confirmed the sale has been completed, adding that it would use the cash for repayment of high cost debt and for other operational purposes.
The Virini Prem FPU, a combination of an MOPU and an FSO, was contracted for the Ebok field in 2010. Mercator provided engineering, procurement, construction, installation, and commissioning services for the unit.
The Ebok field was awarded to Oriental Resources in May 2007 by the ExxonMobil / Nigerian National Petroleum Corporation (NNPC) Joint Venture. It is located in OML 67, 50 kilometers offshore in 135 feet of water in Nigeria’s southeastern producing area. The field was discovered by the ExxonMobil/NNPC JV in 1968.
First oil from the field was achieved in 2011 with production around 35,000 boepd and with 508 mmbbls gross unrisked resource potential. Oriental has a 60 percent working interest in the field and its partner in the field is Afren Resources with the remaining 40 percent.
Related: Mercator suffers setback in floating production unit sale
Offshore Energy Today Staff