New oil investment from BP – platform support vessels from Hyundai

British-owned BP is purchasing four PSVs in line with its long-term plans regarding the North Sea area.

The new platform support vessels, which will provide additional support to existing fleets, are intended for delivery to BP by middle of 2014. Construction of the support vessels are in full-swing in Korea.  As the company foresees long-term business growth within the North Sea area, it is buying sea vessels that can be relied upon in terms of safety and efficiency.

The new PSVs are designed to extract crude oil from old reservoirs. This is vital for any oil firm with drilling interests within the North Sea. These vessels are also designed to prevent possible oil spills and to carry liquid matter for oil recovery.

BP signed the PSV construction deal with Korea’s Hyundai and, as soon as deliveries are made, BP Shipping plans to lease out the vessels to BP Exploration Operating Co. under a 15-year contract. For BP, investing in oil vessels would require the company to shell out $205 million.

On the other hand, the oil company projects to create jobs for more than 60 Aberdeen residents, as the 4 PSVs are planned to be stationed and operated in the area. According to the company, this is going to be a commercially viable and secure long-term investment.

BP’s long-term plans to invest in oil rich areas like the North Sea are quite evident in its strategies, especially in recent years. Last year, it pursued the project at Clair Ridge together with oil giants Conoco, Chevron, as well as Royal Dutch Shell.