BP Exploration & Production Inc. (bp) has signed a memorandum of understanding (MoU) with Seatrium Ltd. for the engineering, procurement, construction, and commissioning (EPCC) of a floating production unit (FPU) for its Tiber offshore oil project.
Located approximately 300 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of Mexico, the Tiber project will leverage advanced deepwater production technologies to enhance operational efficiency and safety. The FPU will be designed to meet stringent industry standards, incorporating cutting-edge systems for improved reliability and performance.
Under the MoU, bp and Seatrium will jointly define the initial project scope and EPCC requirements. The final contract award remains subject to bp’s final investment decision, expected in late 2025.
The Tiber FPU marks the second collaboration between bp and Seatrium on deepwater projects in the Gulf of Mexico. In 2024, the two companies signed an agreement for the Kaskida FPU, also situated in the Keathley Canyon area.