DeepOcean has signed an agreement with bp to handle the decommissioning and recycling of subsea equipment at the Foinaven field offshore the Shetland Islands in the UK.
The contract covers the removal of ten flexible process risers, three dynamic subsea umbilicals and a static umbilical from the site previously occupied by the Foinaven floating production, storage and offloading (FPSO) vessel.
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DeepOcean will also recover buoyancy aids, riser protection structures, clamps and other components tied to the risers during the operation.
The project will be managed by DeepOcean’s Aberdeen-based team and will involve engineering, project management and offshore execution services.
The offshore work will utilise a subsea construction vessel operated by DeepOcean.
Discovered in 1992, the Foinaven field began producing oil in 1997.
The field is situated around 190km west of the Shetland Islands, within the Faroes/Shetland Trough. Water depths in the area range from 330 to 530m.
DeepOcean CEO Øyvind Mikaelsen said: “We greatly appreciate the opportunity to support bp in another important decommissioning scope in the UKCS [UK Continental Shelf]. This award reflects a progressive and commercially innovative approach to subsea decommissioning.
“By building on the successful model previously implemented with bp at the Miller and Don fields, we have established a robust framework that delivers greater efficiency, cost optimisation and operational flexibility for both parties.”
This is the second time DeepOcean and bp have agreed to use a sale and purchase arrangement to manage project delivery.
The approach follows similar work completed by DeepOcean at bp’s Don and Miller fields under the same commercial model.
Before the removal of the FPSO in 2021, the Foinaven asset produced 440 million barrels of oil, twice the amount forecast when the field was initially developed.
DeepOcean Europe, Middle East and Africa (EMEA) region executive vice-president Robin Mawhinney said: “Decommissioning has traditionally been viewed primarily as a cost exercise. At DeepOcean, we see it as an opportunity to apply engineering, technology and commercial flexibility to improve project outcomes and recover value for our clients.”
Last month, Equinor awarded a new subsea contract package to DeepOcean for projects spanning multiple fields on the Norwegian Continental Shelf.
