Petrofac’s Engineering and Production Services (EPS) business has been awarded two Operations and Maintenance (O&M) contract extensions for long-standing clients worth a combined value of approximately US$32 million.
The company has also been awarded a 12-month extension from a major International Oil Company (IOC), under which it will continue to provide offshore and onshore O&M support to one of its platforms in the Central North Sea.
Both contracts will be managed via Petrofac’s dedicated 24/7 Operations Hub, through which all its labour supply contracts are managed. The Hub offers flexibility of shared resources across contracts, enabling fluctuating client requirements to be managed in a flexible, cost-effective way.
Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services business in the Western Hemisphere, commented: “These contract renewals reflect the strength and collaborative nature of our long-standing relationships with both IOCs and are testament to the knowledge our teams have gained our clients’ assets. We are delighted that each client has demonstrated continued confidence in our ability to maintain safe operations while delivering improvements to production efficiency.”
Petrofac currently supports 45 assets in the North Sea, and 80% of these contracts have been held for a decade or more.