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Rockhopper Exploration's Partner to Buy Second FPSO for Sea Lion Project in Falkland Islands

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Rockhopper Exploration (RKH.L) said Monday that its operating partner Navitas Petroleum exercised an option to buy a second floating production, storage and offloading vessel to advance development of the Sea Lion project in the Falkland Islands.

The British oil and gas company added that the second OSX-1 vessel will cost $125 million, fully covered by Navitas until the company funds its share. The vessel is expected to boost the project's output by an additional 125,000 barrels of oil per day.

Rockhopper Exploration will also engage in discussions with Navitas to formally integrate the vessel into their existing joint venture agreements for the project.

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