The company has taken advantage of the favorable contracting environment for 2016 oilfield services to secure savings.
Recently the integrated riser hang off structure was loaded onto a supply vessel, and installation is expected to be completed next month.
Orlando remains on track for first production in 4Q 2016.
Last month, Iona announced a proposed restructuring exercise under which it would farm out of Orlando and the Ronan prospect to an unnamed upstream subsidiary of a global energy company.
The deal involves selling 25% of Orlando for a $25.5-million development cost carry plus cash payments to Iona of $10.8 million after first oil.
In addition, the partner would pay full costs of Ronan/Oran technical studies to earn an option of a 66.67% interest in return for funding full costs of an appraisal well. A drill-or-drop decision is due by the end of this year.
Share your news with Offshore at email@example.com