Antrim Energy (LON:AEY) told investors that it has now hired a floating production, storage and offloading (FSPO) vessel for the development of the Fyne Field in the North Sea.
Hummingbird Production Ltd, a subsidiary of Teekay Corporation, will provide the FSPO for the development.
It is planned that the Fyne field will produce its first oil in the fourth quarter of 2014.Though the field development plan has yet to be submitted to the Department of Energy and Climate Change (DECC).
The development plan is expect to be submitted to the DECC in January.
"This agreement for the Hummingbird Spirit FPSO is a major achievement,” said chief executive Stephen Greer.
“Development of the Fyne area in the UK Central North Sea has been hindered for some time due to the lack of commercial infrastructure and export route.
“The Hummingbird Spirit resolves that issue, not only for the Fyne Field, but potentially for other Antrim assets in the area and nearby stranded assets of other operators. Antrim looks forward to successfully leading the development of the area."
Fyne has 11.7 million barrels of proved and probable (2P) reserves.