Ithaca Energy has initiated parallel front-end engineering and design (FEED) studies for a floating production, storage and offloading vessel for its Cambo oilfield in the UK West of Shetlands, advancing the project toward a final investment decision.

FEED Studies and Contractor Partnerships

The dual FEED scopes are being conducted by two Chinese yards partnered with foreign contractors. Offshore Oil Engineering Company (COOEC) is working with Dutch group Bluewater, which is providing its turret mooring technology. The other study is being undertaken by Chinese contractor Wison New Energies, which is understood to be collaborating with NOV-affiliated APL for the mooring system. The studies encompass the hull, topsides, and mooring system. Another Chinese yard, CIMC Raffles, declined an invitation to perform FEED work due to a congested building schedule.

FPSO Specifications and Next Steps

Both nearing completion, the FEED studies feature a ship-shaped newbuild FPSO design with a production capacity of up to 45,000 barrels per day and storage capacity of 600,000 barrels. Ithaca will select one of the two designs and roll the FEED contract into a full engineering, procurement, and construction contract. It is suggested that Ithaca will likely request commercial offers for the EPC contract from the FEED contractors in April.

Contractor Qualifications and Market Position

COOEC has prior experience fabricating topsides and handling integration for Petrobras FPSOs offshore Brazil. Wison has secured a contract from Eni for the Baleine project offshore Ivory Coast and has recently been qualified by Brazil's Petrobras as an EPC contractor. This qualification places Wison, alongside COOEC and CIMC Raffles, in an elite group of Chinese offshore contractors with full EPC status from Petrobras, enabling direct competition with established international players and major shipyards in South Korea and Singapore.

Cambo Field Details and Development Strategy

The Cambo oilfield is the second largest undeveloped oil and gas discovery in the UK North Sea, with gross best estimate resources of 146 million barrels of oil equivalent. It is located about 130 kilometres west of the Shetlands. Ithaca holds a 100% operated interest, achieved through acquisitions, and is now actively seeking farm-in partners to share development costs and risk. The development concept has shifted from a purpose-built cylindrical FPSO to a traditional ship-shaped newbuild vessel following a technical and economic review.

Additional Development Activities

Beyond the FPSO and subsea scopes, Ithaca is tendering for a development drilling programme requiring a harsh-environment deepwater rig for about 900 days, with work scheduled to begin in 2027. The company has reported progress on the regulatory side and has leveraged experience from the nearby Rosebank development.