Petrofac has been selected 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 its new North Sea operation following its recently announced asset acquisition.
In a two-year deal valued in the region of US$50million, Petrofac will integrate the services of its Operations, Projects and Well Engineering service lines. As well as assisting in the transition of operations on the Quad 15 & Flyndre area assets, Petrofac will also provide ongoing operational, maintenance, engineering and construction support; and deliver well engineering and project management support services for Petrogas NEO UK’s activities.
Commenting on the award, Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services (EPS) business in the Western Hemisphere, said: “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. We very much look forward to supporting our client’s first UK venture.”