22nd Jul 2016 07:48
LONDON (Alliance News) - Ithaca Energy Inc Friday said the floating production facility that will serve the company's Stella project in the UK North Sea has left the shipyard and will begin to be towed next week.
Ithaca has been hit by delays to bringing the Stella project into production because fellow London-listed Petrofac Ltd, which is building the vessel, has taken longer to complete the build than expected.
The required inclination test has been completed on the vessel and it has left the shipyard and moved to a deep water location offshore Gdansk to undertake final marine system trials over the course of next week.
When that is completed, the vessel will be towed to the North Sea and production should start around three months after the vessel leaves the yard, suggesting operations should start sometime in October.
Ithaca shares were down 0.7% to 60.05 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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