Petrofac Bags Multimillion Dollar Ithaca Deal

Petrofac Bags Multimillion Dollar Ithaca Deal
Petrofac's Engineering and Production Services business has bagged a multi-million dollar integrated services contract with Ithaca Energy.

Petrofac’s Engineering and Production Services (EPS) business has revealed that it has bagged a multi-million dollar integrated services contract with Ithaca Energy.

As part of the new five-year deal, Petrofac will integrate operations, maintenance, engineering, construction and onshore and offshore technical support across Ithaca’s North Sea operated asset base. The contract extends Petrofac’s existing working relationship with Ithaca, as well as the duration and breadth of services it provides for the Alba, Captain, Erskine and FPF-1 assets.

“Now more than ever, it is vital that operators can have confidence in the supply chain to generate value for them,” Nick Shorten, the managing director for Petrofac’s EPS business in the Western Hemisphere, said in a company statement.

“We’re achieving this for our clients by combining our integrated approach with the latest digital technology to drive efficiencies and increase productivity,” he added.

“Ithaca’s decision to expand our service provision demonstrates its confidence in our ability to provide integrated support services that enhance operational effectiveness. We look forward to building on our long-standing working relationship by supporting our client to maximize the value of its assets,” Shorten went on to say.

Bill Dunnett, the chief executive officer of Ithaca, said, “the breadth of this agreement is an excellent example of the long-standing collaboration between Ithaca Energy and Petrofac, which is designed to realize economies of scale, maximizing the value and potential of our assets”.

“It provides the opportunity to drive further efficiencies and leverage our in-house capabilities through the transfer of the FPF-1 duty holder. Our continued strong partnership with Petrofac is key in delivering safe, simplified and streamlined operations,” Dunnett added.

Last month, Petrofac revealed that its joint venture with the State Oil Company of the Republic of Azerbaijan (SOCAR) had secured a contract to provide BP Azerbaijan with international payroll and personnel support services. The five-year contract was said to be worth around $100 million to the joint venture.

Back in July, Petrofac’s EPS business netted a two-year contract with NEO Energy to provide well management and well operator support for 25 production wells across the Affleck, Balloch, Dumbarton, Flyndre and Lochranza fields. During the same month, Petrofac EPS’s division, in joint venture with Isker, a Kazakhstan company, secured an engineering, procurement, construction, pre-commissioning and commissioning contract worth approximately $135 million for new water treating facilities for North Caspian Operating Company (NCOC) in Atyrau, Kazakhstan.

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