PSN Awarded Two Nexen Contracts Worth $100 Million

PSN has been awarded two contracts worth $100million by Nexen Petroleum U.K. Limited. The first is a two-year contract extension, worth over $50million, to continue operations and maintenance support for the Buzzard and Scott/Telford platforms. The second is a new contract, worth over $40million, to provide offshore modifications, hook-up and commissioning services to the Buzzard Enhancement Project.

Peter Brown, PSN UK Operations Director, said: "PSN and Nexen have worked together since the Buzzard design process started in November 2004, through to delivering incident-free first oil, on time and on budget, in January 2007. PSN already provides operations and maintenance support to the Buzzard asset with over 80 technicians offshore and 20 support personnel onshore. This brand new contract to support the Buzzard enhancement project will generate up to 100 new PSN jobs and means we will need to create a new office in Craigshaw, Aberdeen.

"This contract extension, plus a new contract award, indicates that Nexen is happy with the quality of services already provided. Nexen and PSN share similar values, such as corporate commitments to operate ethically and invest in our people. I am particularly proud that today's awards will extend our working relationship to 2010 and beyond."

Ian Sharp, Nexen, Director of UK Operations commented: "The North Sea remains a vitally important area for Nexen and we are delighted that we are going to be able to continue to work with PSN on both Scott and Buzzard operations and maintenance support. The new contract award for the Buzzard Enhancement Project is an equally important award and is further evidence of our continued commitment to this area."