General Electric Co's GE Oil & Gas Receives $80 Million Contract From ATP Oil & Gas For Cheviot Oilfield Project In North Sea

General Electric Co's GE Oil & Gas announced that it will supply ATP Oil & Gas (UK) Limited with subsea production equipment, ancillary systems and related services for ATP`s signature Cheviot oilfield project in the North Sea, under the terms of an $80 million contract. ATP is a unit of Houston, Texas-based ATP Oil & Gas Corporation. The Cheviot Field lies approximately 100 kilometers (km) east of the Shetland Isles in the northern part of the North Sea and is a redevelopment of a previous field with still reserves that ATP can recover economically and with modern technology. The GE equipment, including wellheads, subsea Xmas trees and a subsea control system, will be used in conjunction with ATP`s "Octabuoy" Floating Production and Storage Facility (FPS), a vessel currently under construction. As part of the contract, GE also will provide system engineering and design, procurement and on-site testing services. Product shipments will begin in February 2013 with installation later in the year. Commercial operations are expected to begin in 2014.