FPSO PROCUREMENT FOR CATCHER FIELD DEVELOPMENT
ECC was lead commercial advisor in the procurement of the $2.3billion contract for construction, use, processing and operating and maintenance services of a new build FPSO for the Catcher field. Commercial support was provided working closely with legal and technical teams and with ECC’s financial knowledge and technical background, ECC brought together both financial and technical elements into the contract documentation thereby improving the risk to Premier.
ECC provided the tender evaluation framework using its proven lifecycle, full value chain evaluation methodology. This provides a comparison of both capex and opex through field life, availability, recoverable reserves, end-life cash flow risk against value and return metrics of the overall development for the field owners. The methodology also allows a comparative assessment to be made for FPSOs with different storage capacities by assessing the cost of oil export.
ECC worked closely with the technical team to ensure the contractual structure and technical scope reflected schedule and technical risks particularly on the dynamic subsea riser - turret interface between company owned facilities and the contractor’s facilities.
Using ECC’s financial and economic evaluation skills, ECC assisted with renegotiating the remuneration structure to better reflect field profiles and to maximise field life and production.