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Sevan Marine wins FEED contract to support Premier Oil’s Bream field in Norway

Sevan Marine has secured a front-end engineering and design contract (FEED) to support Premier Oil's Bream field in the Norwegian Central North Sea.

 

The contract is for the hull and marine systems of a Sevan type cylindrical floating production storage and offloading vessel (FPSO) for operation on the field.

 

Sevan Marine CEO Carl Lieungh said: "We are both proud and pleased to receive this FEED contract, demonstrating Premier Oil's continued confidence in our technology."

 

Located 50km north-west of the Yme field, the Bream oil field was awarded to Premier Oil and partners in the 2006 APA licensing round.

 

The field was originally identified in the 1970s and the discovery was successfully appraised in 2009.

Partners plan to make an investment decision late this year, or early 2015.

Premier Oil has increased its interest on two separate agreements since being awarded the field.

The company acquired an additional 20% equity interest from Skeie Energy in August 2012.

In July 2013, Premier Oil acquired an aggregate 40% stake in the Bream project with Kufpec from BG.

 

Under a separate agreement, Premier sold a 30% stake in the adjacent PL406 licence, which features the Mackerel discovery, to Kufpec.

 

The Bream development concept is proposed to be an FPSO with subsea production and water injection wells.

 

The Mackerel development will be a 17km subsea tie-back to the Bream facilities.

 

An exploration well near the Herring prospect has been proposed during the development phase and, if successful, it will contribute further resources to the entire project.

 

Premier currently expects the Bream and Mackerel fields to contain about 50 million barrels of oil equivalent (mmboe) of 2C resources.

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