Petrofac Bags Ithaca Energy Deal
Petrofac announced Thursday that it has been awarded a two and a half year brownfield project with Ithaca Energy.
The company revealed that it was selected through a competitive tender to deliver stage two of Ithaca Energy’s Captain Enhanced Oil Recovery (EOR) project in the UK’s central North Sea. Under the deal, which is said to be valued in the region of $17 million, Petrofac will be responsible for fabricating, constructing, and commissioning the topsides development.
Petrofac outlined that the contract secures more than 40 Petrofac roles, on and offshore, as well as specialist fabrication expertise. The award builds on Petrofac’s existing integrated services contract with the Ithaca Energy, and the recent delivery of the Vorlich and FPF1 Oil Export projects, Petrofac highlighted.
“This award is an excellent example of our long-standing collaboration with Ithaca Energy,” Petrofac Chief Operating Officer (CEO) Nick Shorten said in a company statement.
“As incumbent integrated services contractor, Petrofac is in a unique position to maximize productivity across both the project and ongoing operations on Captain. In mature basins, the incremental efficiencies and reduction of interfaces achieved through integrated delivery, drive huge value as our clients seek to extend field life,” the Petrofac CEO added in the statement.
Petrofac has supported Ithaca Energy’s FPF1 asset since 2011, and its Alba, Captain, and Erskine assets since 2014. The company was awarded a new five year integrated services contract for operations, maintenance, engineering, construction, and onshore and offshore technical support across Ithaca’s entire North Sea operated asset base last year.
Ithaca Energy’s operated North Sea asset base comprises the Captain, Alder, Alba, Cook, Erskine, Harrier, and Stella fields, according to its website. The company, which describes itself as a leading North Sea operator, also has a portfolio of several non-operated assets in the UK Continental Shelf.
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