Presentation

Bluewater, established in 1978, is a global FPSO contractor, and one of five main providers of Single Point Mooring (SPM) equipment and related services. The company has a long track record including design and delivery of more than 100 SPM systems, operation of nine FPSOs, ownership of 10 FPSOs and management of 23 FPSO conversions. The company is privately held and has been under the ownership of Hugo Heerema since 1993.

Bluewater has three FPSOs working on contracts on the UKCS; Haewene Brim, Bleo Holm and Aoka Miz. Haewene Brim is on contract with Shell, which in October 2019 was extended well into the 2020s. Bluwater was also awarded an EPC contract for modification works on the unit. Bleo Holm is operating on a bareboat contract with Repsol until July 2021. However, the field is expected to produce longer on the back of infill well drilling and the unit is expected to stay at the field until at least 2024. Aoka Mizu achieved first oil under its three year plus seven year options contract with Hurricane in June 2019. The contract revenues are linked to the oil price and production levels and contains certain termination clauses against a fee over the initial three-year period. In addition to the abovementioned units, Bluewater has two idle FPSOs available for redeployment.