Petrofac Nets New Deal

Petrofac Nets New Deal
Petrofac's Engineering and Production Services business has won a new three year contract with ONEgas.

Petrofac’s Engineering and Production Services (EPS) business has won a new three year contract with ONEgas, which is a joint venture between Shell UK and the Nederlandse Aardolie Maatschappij.   

The value of the deal, which comes with two one year options to extend, was not disclosed by Petrofac.  The company said the contract builds on Petrofac’s previously awarded framework agreement, enabling delivery of engineering, procurement, and construction services across the operator’s Southern North Sea portfolio. Petrofac noted that the framework positions it to support the Clipper South complex, Leman Alpha assets, Bacton Terminal, and ONEgas Barge campaigns in the Southern North Sea.

“We are very pleased that ONEgas has demonstrated its continued confidence in our teams in Great Yarmouth and Aberdeen, by increasing our service provision,” Nick Shorten, the chief operating officer of Petrofac EPS, said in a company statement.

“Over the last 18 months Petrofac’s UK brownfield projects business has achieved notable growth. Our best in class engineering teams, scalable delivery model and project control systems are now being deployed in support of more than 30 assets in the UK,” he added.

“We look forward to continuing this trajectory in 2021 as clients continue to focus on asset integrity, facility modifications and development projects,” Shorten went on to say.

In a trading update on June 28, Petrofac noted that its EPS segment’s financial performance in the first half of 2021 had benefitted from a robust order intake and cost discipline. In the trading update, Petrofac revealed that first half EPS revenue was expected to be approximately $500 million, “primarily reflecting strong year on year growth in operations and projects”. 

Petrofac designs, builds, manages, and maintains infrastructure for the energy industries. The company has 31 offices and around 9,400 staff worldwide, according to its website.

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