Seatrium awarded letter of intent for deepwater new-build production unit in US Gulf of Mexico
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 04 2024
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Source: Yahoo Finance
- Seatrium awarded LOI by BP: Seatrium has been awarded a letter of intent (LOI) by BP Exploration & Production to conduct early engineering works for the Kaskida FPU project in the US Gulf of Mexico.
- Project Details: The Kaskida FPU project is a greenfield development located 250 miles southwest of New Orleans in the Keathley Canyon area of the Gulf of Mexico, with a single topside module supported by a four-column semi-submersible hull.
- Contract Conditions: The contract award is subject to mutually agreed terms, management approval, and the final investment decision by BP.
- Impact on Seatrium: The LOI is not expected to significantly impact Seatrium's net tangible assets (NTA) and earnings per share (EPS) for the fiscal year ending Dec 31, 2024.
- Stock Performance: Shares in Seatrium closed 0.56% down at $1.78 on June 4 following the announcement of the LOI from BP.
Analyst Views on BP
Wall Street analysts forecast BP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BP is 84.26 USD with a low forecast of 6.38 USD and a high forecast of 503.69 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 35.430
Low
6.38
Averages
84.26
High
503.69
Current: 35.430
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. Its segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. The gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and its solar, wind and hydrogen businesses. The oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. The customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle (EV) charging, as well as Castrol, aviation and business-to-business (B2B) and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. The other businesses and corporate also comprises the Company's shipping and treasury functions, and corporate activities worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
