BP Partners With Seatrium for Kaskida Project in Gulf of Mexico

BP plc’s (BP) subsidiary, BP Exploration & Production, has awarded an engineering, procurement, construction, and commissioning (EPC) contract to Singapore’s Seatrium for a new floating production unit (FPU) destined for the Gulf of Mexico. This agreement builds upon a letter of intent signed in June 2024 for early engineering work on the project.The FPU, part of BP’s Kaskida greenfield development project, will be located approximately 250 miles southwest of New Orleans in the Keathley Canyon area. Designed to produce 80,000 barrels of oil per day in its first development phase, the FPU will operate in a water depth of around 6,000 feet, supported by subsea wells.Kaskida represents BP’s sixth-operated project in the prolific and high-margin U.S. Gulf of Mexico basin. Thanks to advancements in 20,000-psi (20 K) well technology and enhanced seismic imaging, the development marks a significant step in tapping into 10 billion barrels of discovered resources.Seatrium will handle the FPU’s topside module and four-column semi-submersible hull. The company plans to integrate and lift the topsides onto the hull using its Goliath twin cranes, which boast a combined lifting capacity of 30,000 tons. This method ensures optimal safety and efficiency during assembly.Seatrium’s executive vice president, William Gu, emphasized the project's significance, highlighting it as the fourth FPU that the company has delivered for the Gulf of Mexico. He noted the firm’s commitment to timely and safe execution.BP’s project involves multiple industry players. TechnipFMC will manage the integrated engineering, procurement, construction, and installation (iEPCI) work, including subsea production systems such as 20K standardized subsea trees and manifolds. Other partners include ABS for classification and verification services, Audubon Engineering for topside design and Exmar Offshore for hull design.The Kaskida project also serves as a precursor to further developments. BP anticipates final investment decisions for other high-pressure fields like Tiber in the coming year, signaling continued innovation in deepwater drilling technology.BP’s advancements align with broader industry trends. The successful application of 20K technology in Kaskida echoes similar breakthroughs by Chevron and TotalEnergies in the Gulf of Mexico, further cementing the region’s status as a hub for cutting-edge deepwater developments.This new FPU highlights BP’s strategic focus on high-margin resources and technological leadership in the Gulf of Mexico, paving the way for future developments in this critical energy region.BP’s Zacks Rank & Key PicksBP currently carries a Zack Rank #4 (Sell).Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Oceaneering International, Inc. OII and Nine Energy Service NINE. While TechnipFMC and Oceaneering presently sport a Zacks Rank #1 (Strong Buy) each, Nine Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. It focuses on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the demand for NINE’s services is anticipated to increase, which should position the company for growth in the long run.Free: 5 Stocks to Buy As Infrastructure Spending SoarsTrillions of dollars in Federal funds have been earmarked to repair and upgrade America’s infrastructure. In addition to roads and bridges, this flood of cash will pour into AI data centers, renewable energy sources and more.In, you’ll discover 5 surprising stocks positioned to profit the most from the spending spree that’s just getting started in this space.Download How to Profit from the Trillion-Dollar Infrastructure Boom absolutely free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report TechnipFMC plc (FTI): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks