Petrofac signs £38m two-year agreement with Petrogas NEO UK

In news that will be of particular interest to tank industry professionals, it has been announced that 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), hot on the heels of Petrogas NEO UK’s recently announced asset acquisition.

The deal will mean the services of Petrofac’s Operations, Projects and Well Engineering service lines will integrate in order 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 UK’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

14th January 2020