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Statoil: letter of intent on Barents Sea project.

(CercleFinance.com) - Statoil is signing a letter of intent with Singapore's Sembcorp Marine regarding the construction of the hull for the offshore vessel which will be located on the Johan Castberg field in the Barents Sea.

The deal, which covers the construction of the hull and integrated living quarters for the floating production, storage and offloading (FPSO) vessel - has a value of 4 billion Norwegian kronor (425 million euros), the Norwegian oil firm said.

The Johan Castberg project is scheduled to start up in 2022. In all, 30 wells are expected to be drilled on the field over 2019-2024.

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