Siccar Point, Baker Hughes Announce 'Innovative Alliance' for UK Field
Siccar Point Energy Limited (SPE) and Baker Hughes, a GE Company (BHGE), have announced an ‘innovative alliance’ for the development of the Cambo field, located North West of the Shetland Islands in the UK.
The agreement aims to reshape traditional, transactional relationships between suppliers and operators in favor of a long-term partnership that minimizes tendering costs, improves execution efficiency and risk mitigation, and incentivizes performance through the creation of shared project objectives, SPE said in a company statement.
As part of the agreement, BHGE has been selected as the exclusive supplier to support the appraisal and early production phases of the project. The scope of supply will leverage BHGE’s integrated portfolio of solutions for the oilfield services segment.
“We are delighted to be collaborating with BHGE on the development of the Cambo field,” Jonathan Roger, CEO of SPE, said in a company statement.
“By shifting to an innovative, performance-based commercial model focused on long-term collaboration and a full-life-of-field partnership between SPE and BHGE, we are redefining how the industry can operate, proving the viability of challenging regions and the long-term sustainability of projects in the North Sea,” he added.
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