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Shell buys floating production, subsea facility off Louisiana coast for $1 billion

Shell buys floating production, subsea facility off Louisiana coast for $1 billion

View all news from: Shell UK Ltd
View directory entry for: Shell UK Ltd

12 July 2017

Shell E and P Offshore Services BV is buying the floating production, storage and offloading and subsea infrastructure facility Turritella in a $1 billion deal.

The vessel had been under charter since September. The deal allows a Shell affiliate to become the operator of the Stones development, which lies roughly 200 miles off the coast of Louisiana. Stones is the world’s deepest oil and gas project, operating in about 9,500 feet of water in an ultra-deep area of the Gulf of Mexico.

The company selling the Turiritella is a joint-venture owned by SBM Offshore, with a 55 percent interest; Mitsubishi Corp., 30 percent; and Nippon Yusen Kabushiki Kaisha, 15 percent.

The transaction is expected to close in early 2018.