The selection of development partners during 2014 was initiated with our signing of an MOU with Amec Group Limited ("AMEC") and with Ove Arup & Partners Limited ("Arup") in April, for the design and development of Arup's self-installing, steel ACE mobile offshore production unit ("MOPU"). This was closely followed later that month with an MOU with Teekay Shipping Norway AS ("Teekay") for the supply of a bridge-linked Sevan FSO facility. The pre-FEED engineering for the FSO was completed at the end of 2014. In July, we signed an MOU for the engineering, procurement and construction of the ACE platform with Aibel AS ("Aibel"), followed in September by a successful offshore geotechnical survey, which completed the overall offshore assurance process for this phase. The Baker Hughes Limited ("Baker Hughes") MOU in October 2014 set out the principles for the provision of oil field services and we have been working extensively with Baker Hughes to develop and enhance our sub-surface and drilling strategy. In November, China Oilfield Services Limited ("COSL") became the final key partner to join the development group, when we signed an MOU for the provision of a new-build N Plus Class jack-up drilling rig, which is due to be built in the Keppel FELS yard in Singapore.
after all the b**lsh*t posted on here this morning about the end of the world we find ourselves back at the levels of yesterday morning. Time is killing this nothing else. If you can wait you will be rewarded. If you can't sell up and re invest. But once again please for the love of god stop telling me what to do with you negative drivel. Jog on and don't come back.....................................
I'm more interested in FDP timelines. Drafted contracts means very little until they are signed.
"We have consistently stated that the technical and commercial workstreams were our focus for 2014, and that we would only be able to submit a formal FDP when we could demonstrate to DECC both the technical and financial capability required. As mentioned above, the technical and engineering work streams are largely complete and our commercial negotiations with development group companies continue to make progress."
So the FDP cannot be submitted yet until commercial negotiations are finalised. How long will that take? That's the key question.
Excellent lets have it then and get this effing SP moving up. Why does damp squib come to mind every time Rupert issues an RNS, because that is what has happened for the past 18 months. it's delay, wait, delay, wait, delay all the time.Yes i'm fed up but no choice but to hold as will never sell at these silly prices.
There is no design, because there are no contracts nor agreements. If they ever get a contract with, say TeeKay, to use a Sevan FPV, then progress on any design can progress. This uncertainty regarding the field development infrastructure is what is also holding back the FDP work. That and the fact XEL have no money for the development.
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