Monitor Producer 1 Limited ("MP1") offers for sale the Sea Commander Power Buoy System ("the Power Buoy System").
The Power Buoy System is a taut moored facility, consisting of a floating buoyant structure moored by multiple tethers to a gravity base on the seabed.
The Power Buoy System provides power to, and allows control of, subsea wells from an autonomous, unmanned facility located close to the subsea well location. As such, the Power Buoy System:
In comparison to its alternatives, the Power Buoy System can reduce capital costs - and also ongoing operating costs - associated with oil and gas exploration projects. As such, it can render hitherto uneconomic developments commercially attractive. It can be used for early production, deep-water step out or standalone production scenarios.
The floating buoyant structure is 57.0 metres in height, weighs 650 tonnes (dry), and has a hull diameter of 10.0 metres. The gravity base weighs 2,800 tonnes.
Up to 4.1 megawatts of power can be generated through its six diesel generators (using one generator as a stand-by), for transmission via a subsea riser and seabed umbilical to up to 8 electrical submersible pumps ("ESPs"). This power could also be supplied for other purposes.
Control of the ESPs is achieved through eight on-board variable speed units. A ninth 'back-up' variable speed unit is included. The Power Buoy System also includes monitoring, data acquisition, and data transfer equipment. Should VSDs not be required, they can be removed thus providing additional room for other equipment.
The Power Buoy System can be controlled and monitored from a remote host platform or a land-based station through UHF, VHF and satellite communications. The Power Buoy System, and all of its permanent equipment, have a design life of 25 years.
Although the Power Buoy System is unique, it brings together conventional oil and gas technology. Furthermore, 'smart buoy technology' has been successfully used for a number of years in offshore Australia, South Africa and Equatorial Guinea.
Further details of the Power Buoy System is provided within the Technical Description section of this website.
The floating buoyant structure is 57.0 metres in height, weighs 650 tonnes (dry), and has a hull diameter of 10.0 metres.
An appraisal process in relation to the Power Buoy System is presently being undertaken by the Joint Administrators of MP1. During this appraisal process, the Joint Administrators will be assessing the stage of completion of the Power Buoy System, the costs that may be incurred in completing it, the potential timescale for its completion and the options available to them in terms of the sale of the Power Buoy System. The Joint Administrators anticipate that this appraisal process will take 3 months to complete. The earliest date on which the Power Buoy System will be available in a fully complete state will be dependent upon the outcome of the appraisal process.
The Joint Administrators of MP1 wish to conclude an early sale of the Power Buoy System. Although no closing date has yet been set, the Joint Administrators envisage that this will be late August 2008. The Joint Administrators reserve the right to set or vary the closing date at short notice.
Further information on the Power Buoy System will be made available to interested parties on request, following the signing of a confidentiality agreement. For further information, interested parties are invited to contact either Gavin Yuill or David McIntosh of Ernst & Young LLP, contact details for whom are provided below:
| Contact Name | Telephone | Fax | Mobile | |
|---|---|---|---|---|
| Gavin Yuill | + 00 44 141 626 5054 |
+ 00 44 141 626 5003 |
+ 00 44 7786 854 896 |
gyuill@uk.ey.com |
| David McIntosh | + 00 44 131 777 2041 |
+ 00 44 131 777 2213 |
+ 00 44 7824 518 607 |
dmcintosh@uk.ey.com |
Further details of the sales process are provided within the Sale process section of this website.
