12 July 2016 Scotland Poland
Ithaca Pleased With Stella Oil Platform Progress
FPF-1 will soon leave Polish shipyard for trials

(Picture: FPF-1 at Remontowa shipyard)
Ithaca Energy yesterday issued an update on the status of the FPF-1 floating production facility modifications programme being undertaken by Petrofac in the Remontowa shipyard in Poland.

Les Thomas, Chief Executive Officer, commented:

The FPF-1 works are now being finalised, with preparation and performance of the inclination test being the only work required prior to the vessel exiting the yard.

"We are delighted with the quality and completeness of the vessel, having achieved our key objective of completing the onshore scope in the yard and avoided costly carry over of unfinished work offshore.

"Our existing production business is performing well, with volumes running ahead of guidance and continued deleveraging being delivered ahead of Stella start-up.

The FPF-1 modifications are essentially complete and the vessel will be ready to leave the yard upon completion of approximately two weeks of work that is required to prepare for and perform the planned vessel inclination test and loading of supplies for the transit from the yard.

Importantly, the onshore modifications scope has been completed in the yard without the need to carry onshore scope offshore. The FPF-1 is expected to leave the yard later this month and will complete the final marine system trials offshore Gdansk prior to being towed to the field. The anticipated period from sail-away to first hydrocarbons is approximately three months.

Further updates will be provided once the FPF-1 has left the yard and when it commences the tow to the field.

The Ithaca operated Greater Stella Area is located in the heart of the Central Graben area of the Central North Sea, on the UK Continental Shelf. It is an area surrounded by various large producing fields, predominantly operated by the Majors, and numerous undeveloped discoveries.