Seatrium to begin early engineering work on BP's Kaskida floating production unit

The Kaskida project is located 250 miles southwest of New Orleans.

Seatrium Limited received a letter of intent (LOI) from BP Exploration & Production Inc. (BP) to carry out early engineering works pending the finalisation of a definitive contract for engineering, procurement, construction and commissioning work for the latter’s Kaskida Floating Production Unit (FPU) project.

The Kaskida FPU is a greenfield development located approximately 250 miles southwest of New Orleans in the Keathley Canyon area of the US Gulf of Mexico. 

It comprises a single topside module supported by a four-column semi-submersible hull.

The contract is subject to mutually agreed terms and conditions, management approval, and the final investment decision by BP.

Seatrium does not expect the LOI to have any material impact on its net tangible assets and earnings per share for the financial year ending 31 December 2024. 

Meanwhile, Seatrium has also commenced share buybacks part of its previously announced $100m repurchase programme. It paid around $1.77 to repurchase 1.058m shares.