Petrofac is to establish Petrogas NEO UK’s new North Sea operation in a two-year deal valued at around £38 million.
Petrofac was chosen by Petrogas NEO UK, (the jointly-owned company created by Petrogas E&P UK, and NEO Energy, a portfolio company of private equity fund HitecVision), to establish and provide services for Petrogas NEO’s new North Sea joint venture, hot on the heels of Petrogas NEO’s recently announced asset acquisition.
The deal will mean the services of Petrofac’s Operations, Projects and Well Engineering service lines will integrate to help Petrogas NEO hit the ground running in the North Sea.
Specifically, Petrofac is to aid with the transition of operations on the Quad 15 & Flyndre area assets, but also provide ongoing operational, maintenance, engineering and construction support; and deliver well engineering and project management support services for Petrogas NEO’s activities.
Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services (EPS) business in the Western Hemisphere, said of the deal: “This agreement represents a significant new strategic partnership for Petrofac in our core UK market.
“Our ability to seamlessly integrate services across the asset lifecycle will ensure Petrogas NEO UK’s requirements are efficiently supported as it seeks to safely and responsibly extend field life.”
For more information visit www.petrofac.com