Dril-Quip enters into FEED contact for Sea Lion Project subsea production system
Dril-Quip's wholly-owned subsidiary based in Aberdeen, Scotland, has entered into a Front End Engineering and Design Contract and Frame Agreement with Premier Oil Exploration and Production Limited to provide the subsea production systems for the Sea Lion Phase 1 Development located offshore the Falkland Islands. The Frame Agreement replaces the previously announced letter of intent. The current estimated value of the equipment portion of the scope of work is $207M which includes plans for up to 30 subsea production systems. Formal contract award will be subject to agreement of a definitive contract and Premier taking a final investment decision.