BP starts Tiber project after deal for floating production unit

BP has kicked off its next deepwater oil and gas project in the US Gulf by signing up a Singapore company to develop the floating production system.

Seatrium has secured a memorandum of understanding from BP Exploration & Production covering the Tiber floating production unit (FPU). Under this arrangement, Seatrium will provide engineering, procurement, construction and commissioning (EPCC) of an FPU designed to support the development of BP’s deepwater energy resources.

This FPU would be deployed over the Tiber oil field that is around 483 km southwest of New Orleans in the Keathley Canyon area.

Seatrium expects to convert this MoU into a firm contract following a final investment decision by BP for the full Tiber development, anticipated later in 2025. For now, the company can begin the initial phases of the EPCC work.

This new agreement builds on Seatrium and BP’s partnership on the Kaskida FPU, which reached final investment decision in 2024. Kaskida will be installed in deep waters about 402 km south-west of New Orleans in the Keathley Canyon area.

Seatrium said it would used the lessons learned and technological advancements achieved from the ongoing Kaskida project within the Tiber FPU, including the group’s proven topsides single-lift integration methodology.