Huntington start-up in North Sea put back to summer 2012

Offshore staff

LONDON – Phase I subsea installations are under way on the E.ON Ruhrgas-operated Huntington project in the UK central North Sea, according to partner Premier Oil.

The partners have also agreed commercial terms for the pipeline tie-in and gas transportation with the CATS pipeline group.

First oil was originally slated for January 2012, but this schedule was impacted by the financial difficulties of the FPSO contractor Sevan.

However, a $36.1-million settlement which Sevan agreed to with its bondholders last month is being used to drive through the upgrade of the Sevan Voyageur platform.

Sailaway is now targeted for spring 2012, followed by first oil next summer, although the revised schedule may depend on Sevan securing longer-term refinancing.

08/25/2011



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