[US GOM] Tiber FPU

[escveritas]

Seatrium And bp Sign MOU For Second Deepwater Floating Production Unit Project

Singapore, 13 February 2025 – Seatrium Limited (Seatrium, or the Group) is pleased to announce the signing of a Memorandum of Understanding (MOU) with BP Exploration & Production Inc. (bp) in preparation for a second project, the Tiber Floating Production Unit (FPU), in the US Gulf of America.

Under the MOU for the Tiber project, Seatrium would provide services to carry out the engineering, procurement, construction, and commissioning (EPCC) of a state-of-the-art FPU designed to support the development of bp’s deepwater assets in the US Gulf of America.

The Tiber FPU would be equipped with advanced technologies to enhance operational efficiency and safety, ensuring it meets the stringent requirements of deepwater production.

The Tiber discovery is located approximately 300 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of America.

bp and Seatrium will jointly define the initial works and EPCC scope under the MOU. The Tiber contract award is subject to the final investment decision by bp, anticipated later in 2025.

This new agreement builds on Seatrium and bp’s partnership on the Kaskida FPU, which reached final investment decision in 2024.

The Kaskida field is located about 250 miles southwest of New Orleans in the Keathley Canyon area.

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.

[escveritas]

Seatrium Awarded Second Deepwater FPU Contract From bp

Singapore, 26 November 2025 – Seatrium Limited (“Seatrium” or the “Group”) has been awarded a contract from BP Exploration and Production Inc (“bp”) for the engineering, procurement, construction and onshore commissioning of the Tiber Floating Production Unit (“FPU”) project in the Gulf of America.

The Tiber FPU marks Seatrium’s second consecutive deepwater project for bp, further strengthening the relationship established through the award of the Kaskida FPU in December 2024.

Mr William Gu, Executive Vice President of Seatrium Energy (International), said, “The Tiber FPU award marks a significant milestone in our relationship with bp and underscores the strength of our series-build approach for the Gulf of America production units. It also highlights Seatrium’s expanding foothold in the FPU segment, delivering exceptional quality and efficiency with uncompromising safety through maximum on-ground completion and single-lift capability.

Drawing on lessons learned from our growing portfolio of FPU projects, we will continue to translate experience into execution excellence. Our commitment remains steadfast in supporting bp’s offshore developments.”

The Tiber FPU will have a production capacity of 80,000 barrels of crude oil per day and incorporate advanced technologies to enhance operational efficiency and safety. It will produce from the Tiber and Guadalupe fields in the Keathley Canyon area of the Gulf of America, bout 300 miles southwest of New Orleans, in water depths of around 4,100 feet.

Over 85% of the Tiber FPU design will replicate the Kaskida FPU, enabling Seatrium to capitalise on established design efficiencies and apply lessons learned and best practices for enhanced project execution. The series-build approach drives supply chain efficiency through standardised procurement and coordinated project planning across both projects. This replication strategy also enables Seatrium to leverage key engineering and commissioning support partners, as well as trusted equipment suppliers, ensuring consistent and streamlined execution of this large-scale offshore project.

The topside for the Tiber FPU will be installed onto the hull using Seatrium’s single-lift integration methodology, enabled by its Goliath twin cranes with a combined lifting capacity of 30,000 tonnes. This approach allows the topside to be fully completed and tested at ground level, maximising readiness, safety and efficiency.

The Tiber FPU adds to Seatrium’s growing portfolio of FPUs for leading global energy clients, reinforcing the Group’s position as a leading provider of deepwater energy solutions. It follows the ongoing Shell Sparta and bp Kaskida FPU newbuilds and the successful completion of Shell’s Vito and Whale FPU newbuilds in 2021 and 2023, respectively.