Petrofac Scores Deal To Establish North Sea Operation for Petrogas NEO UK
Oilfield services provider Petrofac has been awarded a contract by Petrogas NEO UK—a jointly owned company created by Petrogas E&P UK and NEO Energy, a portfolio company of private equity fund HitecVision—to establish the company’s North Sea operations after its recently announced asset acquisition. These assets include Total’s former stakes in the Dumbarton, Balloch, Lochranca, Drumtochty, Flyndre, Affleck, and Cawdor fields in the Eastern North Sea, which Petrogas NEO UK purchased for $635 million last July.
The two-year deal was valued in the region of $50 million, and under it Petrofac will integrate the services of its operations, projects, and well engineering service lines. Along with its assistance in the transition of operations on the Quad 15 and Flyndre area assets, the company will provide ongoing operational, maintenance, engineering, and construction support. It will also deliver well engineering and project management support services for Petrogas NEO UK’s activities.
“This agreement represents a significant new strategic partnership for Petrofac in our core UK market,” Nick Shorten, managing director for Petrofac’s engineering and production services (EPS) business in the Western Hemisphere, said in a statement. “We very much look forward to supporting our client’s first UK venture.”
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