Seatrium signs LoI for a deep-water newbuild project

Seatrium’s wholly-owned subsidiary Seatrium Oil and Gas International has signed a Letter of Intent (LOI) with Shell Offshore Inc. to provide services to carry out construction work relating to Shell’s Sparta project in the US Gulf of Mexico.

Sparta is a deep-water development in the US Gulf of Mexico, approx. 170 miles off the Louisiana coast measuring 4,300 sq ft. The development is owned by Shell (51%) and Equinor (49%) which are progressing the project toward a final investment decision expected later in 2023.

The Sparta Floating Production Unit is conceived as a replicable project between Shell and Seatrium to leverage the Group’s topsides single lift integration methodology, following the Vito and Whale newbuild facilities. It comprises a single topside module supported by a four-column semi-submersible floating hull.

The final contract award is subject to a final investment decision by Shell and Equinor.

The LOI is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 31 December 2023.

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