Norway-based marine construction and operations player Ocean Installer, part of the Moreld Group, has moved to the final stage of its subsea scope for a giant new floating production, storage, and offloading (FPSO) vessel, which is slated to start its three-decade job next quarter at a large oil project in the Barents Sea off the coast of Norway.
While confirming “another major milestone” related to its work on the FPSO Johan Castberg , Ocean Installer explained that it has gone through some “momentous occasions” over these last two weeks, accomplishing what it describes as “historic” achievements with the operations related to the Johan Castberg field ’s newbuild mobile offshore production unit (MOPU).
According to the Norwegian firm, its team, which made the FPSO storm-safe on September 4, completed activities concerning the installation of all 15 mooring lines on September 17. The company is now moving to the finish line with the riser hook-up and the last leg of the vessel’s preparation for the start of production, which is anticipated before the end of the year.
“This achievement is not only a win for Equinor and our valued partners at Vår Energi – it represents a culmination of our teams dedicated effort. We’re tremendously proud of the team that has been working on the project since 2018. We’re really excited to press forward and finish the riser hook-up work within the coming month,” highlighted Ocean Installer.
After the plan for development and operation (PDO) of the Johan Castberg project was submitted in 2017, with a cost estimate of NOK 57 billion (close to $5.3 billion), delays and cost overruns pushed the Johan Castberg partnership, consisting of Equinor (operator, 50% stake), Vår Energi (30%), and Petoro (20%), to revise the cost estimate to NOK 80 billion (almost $7.4 billion) in September 2023.
Encompassing three discoveries – Skrugard , Havis , and Drivis – made between 2011 and 2013, the Johan Castberg oil field, with estimated recoverable volumes of between 450 and 650 million barrels, is located 240 kilometers northwest of Hammerfest in the Barents Sea and 100 kilometers northwest of the Snøhvit field in 370 meters of water. This field is expected to produce for 30 years, and at its peak, may produce 220,000 barrels per day.
With a daily production capacity of nearly 190,000 barrels and a storage capacity of 1.1 million barrels of oil, the 313-meter long, 55-meter wide, and 120-meter high FPSO Johan Castberg was anchored to the seabed a few days ago.
Since only 13 out of 30 wells envisioned in the field development concept to be distributed across ten subsea templates and two satellites that will now be tied back to the FPSO have been drilled to date, drilling activities are anticipated to proceed into 2026.
Last month, Ocean Installer won an FPSO subsea tie-back project in the North Sea with Anasuria Hibiscus UK , involving the installation of manifold, flowlines, umbilicals, associate risers, tie-ins, and protection for all. The deal followed the one the company, in consortium with Oceaneering , secured with TotalEnergies for an FPSO life extension project in Angola.
The contract came after the firm and Petro Services landed another gig with the French energy giant. In addition, Ocean Installer got an engineering, procurement, construction, and installation (EPCI) job with Equinor for subsea activities at an oil and natural gas field offshore Norway.