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Altera to operate FPSO on Rosebank field

AlteraAltera Infrastructure are pleased to announce that an operations and maintenance contract with Equinor for the Petrojarl Knarr FPSO has now become effective. This vessel is set for deployment on the Rosebank field with a nine-year firm contract, and options extending up to 25 years.

This follows the final investment decision by Equinor and Ithaca Energy to advance the Rosebank development on the UK Continental Shelf and builds upon the previously announced bareboat charter contract for the redeployment of the FPSO. The Petrojarl Knarr FPSO is a vessel perfectly suited for redeployment in harsh waters. It is a relatively new and modern asset, and it was constructed to allow for electrification which would reduce operational CO2 emissions as well as additional features such as a vapour recovery system and a closed flare on the FPSO. The vessel has available space allocated for electrical equipment in both its mooring turret and on deck.

Chris Brett, president of Altera Infrastructure Production, says, “We thank Equinor for putting their confidence in Altera and we are eager to demonstrate our deep competence in harsh environment FPSOs and the latest emission reduction solutions available. Altera has an unrivaled track record in the operation of harsh environment FPSOs and we look forward to continuing our long presence in the West of Shetlands area through this premier development for the Rosebank Partners and to getting started on the project execution phase together with our key partners, in Aker Solutions and Drydocks World Dubai.”

The vessel is currently undergoing life extension work, modifications for field specifics and enhanced energy efficiency as well as making the FPSO electrification ready at Drydocks World in Dubai. Petrojarl Knarr was built by Samsung Heavy Industries in South Korea and delivered in 2014. It has been operating on the Knarr field since 2015 until May 2022. “Altera’s vision is to lead the industry to a sustainable future – and this will be an important collaboration with Equinor on what is to be the most sophisticated FPSO redeployment in the world. Today marks another important milestone with the final investment decision being taken for the development project and we stand ready to deliver a positive solution for the next decades on the Rosebank field,” Ingvild Sæther, CEO of Altera Infrastructure, states.

Rosebank is an oil and gas field in the UK located about 130km off the coast of the Shetland Islands in the UK, which has an estimated 300 million bbl of potentially recoverable reserves. Equinor acquired operatorship of Rosebank in 2019 and has since been working to optimise and mature a development solution for the field, together with partner Ithaca Energy.