Dril-Quip enters LOI for subsea production systems for Sea Lion Project
Dril-Quip announced that Dril-Quip (Europe) Limited, its wholly-owned subsidiary based in Aberdeen, Scotland, has entered into a letter of intent with Premier Oil Exploration and Production Limited to provide subsea production systems for the Sea Lion Phase 1 Development located offshore the Falkland Islands. The scope of work includes plans for 23 subsea production systems, including wellheads, trees, control systems, associated production and injection manifolds, subsea umbilicals and related services. It is intended that Dril-Quip will commence pre-sanction engineering work in August 2018. Formal contract award will be subject to agreement of a definitive contract and Premier taking a final investment decision. Dril-Quip would also provide vendor financing for a portion of the contract.