17th May 2018 10:53
LONDON (Alliance News) - Oil and gas firm Hurricane Energy PLC on Thursday said the new buoy for its Lancaster early production system in the North Sea has left Dubai's Drydocks World.
The buoy is set to arrive by the end of June, and Hurricane will then be able to install the turret mooring system by the end of the third quarter of this year.
The other components, Hurricane said, of the mooring system such as piles, chains, and wires are already there and thus once the buoy has arrived installation can proceed on schedule.
Hurricane added the buoy is a "critical" part of the mooring system for the Aoka Mizu floating production storage & offloading system at Lancaster.
Chief Executive Robert Trice said: "The installation of the turret mooring system is critical to the overall timetable for the Lancaster EPS development."
"The departure of the buoy from Dubai is on schedule and I'd like to thank Bluewater Energy Services and Drydocks World Dubai for their diligence and teamwork, both of which have been material in achieving this key project milestone."
On Wednesday, Hurricane said it had begun the offshore installation phase of the early production system. It installed horizontal 'Christmas trees', an assembly of valves, spools, and fittings, on the two existing wells.
Shares were up 2.4% on Thursday at 47.60 pence each.
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