Shell will be able to realise additional cost savings at its Stones deep-water development in the US Gulf of Mexico after buying the Turritella floating production, storage and offloading vessel from SBM Offshore for $1 billion in cash, writes Luke Johnson.
Shell exercised an option under its charter agreement for the FPSO, which started producing last year.
The supermajor had previously touted an improved well design at Stones that will result in up to $1 billion in project savings.
