Falklands’ oil industry, Rockhopper plans equity raise for second FPSO

Rockhopper Exploration has announced plans for an equity capital raise to finance its portion of a second Floating Production Storage and Offloading (FPSO) vessel, designated OSX-1, for the Sea Lion oil field development in the Falkland Islands. The move follows the decision by project operator Navitas Petroleum to exercise an option to acquire the vessel for approximately US$ 125 million.

This development marks a significant step in the progression of the Sea Lion field, as the acquisition of the OSX-1 vessel is intended to support the expansion of oil production operations in the region. The equity raise will provide the necessary capital for Rockhopper to maintain its stake in the project alongside Navitas Petroleum.