Global ocean services provider DeepOcean has entered into an agreement to support bp in the decommissioning and recycling of subsea equipment at the operator’s Foinaven field, West of Shetland, UK.

Under the contract, DeepOcean will remove ten flexible process risers and three dynamic subsea umbilicals from the former Foinaven FPSO (Floating Production, Storage, and Offloading) location. In addition, DeepOcean will recover a static umbilical. Various amounts of buoyancy, riser protection, clamps, and other appurtenance associated with each riser will also be removed during recovery operations.

DeepOcean will provide engineering, project management and offshore execution for the project that will be managed and executed by DeepOcean’s Aberdeen-based operations in the UK. The offshore scope will be carried out using a high-specification subsea construction vessel operated by DeepOcean.

For a second time, DeepOcean and bp have entered into an innovative sale and purchase agreement governing the delivery of the project. This builds on the successful decommissioning work delivered by DeepOcean for bp at the Don and Miller fields under a similar commercial model.

“We greatly appreciate the opportunity to support bp in another important decommissioning scope in the UKCS. This award reflects a progressive and commercially innovative approach to subsea decommissioning. By building on the successful model previously implemented with bp at the Miller and Don fields, we have established a robust framework that delivers greater efficiency, cost optimisation, and operational flexibility for both parties,” says Øyvind Mikaelsen, Chief Executive Officer of DeepOcean.

Foinaven was discovered in 1992, with first oil in 1997. The field is approximately 190km west of the Shetland Islands within the Faroes/Shetland Trough, in water depths ranging between 330 and 530 meters. Before the FPSO was taken off-station in 2021 the Foinaven asset produced 440 million barrels of oil, double what was expected when initially developed.

“Decommissioning has traditionally been viewed primarily as a cost exercise. At DeepOcean, we see it as an opportunity to apply engineering, technology, and commercial flexibility to improve project outcomes and recover value for our clients,” says Robin Mawhinney, Executive Vice President for DeepOcean’s EMEA region.

About DeepOcean

DeepOcean is a world-leading ocean services provider, enabling energy transition and sustainable use of ocean resources, offering survey, engineering, project management, installation, maintenance, and recycling services for oil and gas, offshore renewables, deep sea minerals, and other ocean services.

Across the global offices, DeepOcean is a trusted independent solutions provider with highly skilled industry experts, using world-class fit-for-purpose tools and technology to drive cost-efficient and safe operations. The company delivers innovative engineering solutions focusing on remote and unmanned operations and digitally-enabled services while continuously striving to lower the carbon footprint.

DeepOcean is owned by Triton, a leading European mid-market sector-specialist investor. As an active owner, Triton supports its portfolio companies to reach their full potential and works closely with DeepOcean to drive value creation. Founded in 1997, Triton invests in businesses that provide important goods and services in the Business Services, Industrial Tech, and Healthcare sectors.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.