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12

Costain Saves Operator Millions in North Sea Exploration Project

Leading UK engineering solutions provider Costain has been instrumental in helping Ithaca Energy save several millions of pounds, thanks to its sound management of subsea contracts in the operator’s Greater Stella Area (GSA) Development in the central North Sea.

Leading UK engineering solutions provider Costain has been instrumental in helping Ithaca Energy save several millions of pounds, thanks to its sound management of subsea contracts in the operator’s Greater Stella Area (GSA) Development in the central North Sea.

Costain has been working on the project, which is driven by the recovery of approximately 60 million barrels of oil equivalent of proven and probable reserves for the GSA co-venturers, since 2010 and will be supporting the project to first oil, which is anticipated in mid-2016.

Costain’s involvement started at the concept selection phase, continuing through the definition phase, developing project budgets and assisting in placement of the major contracts.

The Company then  project-managed the subsea facilities, including the design, procurement, fabrication and installation of all of the subsea equipment, as well as the installation of the Floating Production Facilty-1 (FPF) moorings and assisting with the forthcoming tow-out and hook-up.

Peter Kirkbride, project sponsor at Costain, said: “Being involved in this project through the select, define and execute phases is a great achievement for the team. Together with Ithaca Energy and our contracted partners, we are proving the value of North Sea development activity and, by setting and working to realistic budgets, have saved our client millions of pounds in the process.

“Soundly delivered cost saving solutions are more pertinent now than ever, and we look forward to continuing to help achieve these savings for those operating within a new oil price environment in the North Sea.”

Mike Travis, Greater Stella Area Asset Manager of Ithaca, said: “Ithaca asks for safe and efficient execution of the work, and with Costain Upsteam, that’s exactly what we get – as well as technical excellence, creativity and professionalism. The continuity benefits of a long term relationship have also been very apparent and Costain will continue to work with us on the developments plans for the satellite developments around the Stella hub.”

Costain’s capabilities extend across design and consultancy, project management, delivery and operations and maintenance in the energy sector. The Company's philosophy is to provide innovative and commercially attractive solutions to many of the challenges faced across a range of sectors. 

Source : Neftegaz.RU