Rockhopper to Raise Funds for Second FPSO in Falklands' Sea Lion Project

Rockhopper Exploration plans to raise equity capital to fund its share of a second floating production, storage and offloading (FPSO) vessel for the Sea Lion oil field development in the Falkland Islands.

The FPSO, named OSX-1, carries an aggregate cost of US$125 million and will target the central development area (CDA) of the Sea Lion field.

Operator Navitas Petroleum exercised its option to acquire the vessel for US$125 million and will initially fund 100% of the asset. Rockhopper, a non-operating partner with a 35% share in the project, needs additional funding to acquire its percentage rate interest in the FPSO and other expenditures.

The first phase of Sea Lion is currently underway, with drilling work scheduled to start in early 2027 in the northern development area. The FPSO vessel Aoka Mizu, with a capacity of 55,000 barrels per day, is being upgraded at a shipyard in Asia.