TWO UK North Sea oil and gas operators have linked up with US energy service giant Schlumberger to secure a well-stimulation and fracturing vessel to help them with new projects.
Aberdeen-based Venture Production and Fairfield Energy have agreed a multi-year deal to source well-stimulation and fracturing services from Schlumberger using the Siem Sailor vessel, which will be operating on the next phase of Venture’s Chiswick gasfield development late next year and on Fairfield’s Crawford and Clipper South projects in 2010.
The vessel, owned by Siem Offshore, will be made available to other operators after it enters service in the North Sea late next year when it is not working for Venture or Fairfield.
Meanwhile, Schlumberger said its profits for this year would be below analyst consensus estimates due to the worldwide economic slowdown and its effect on oil and gas exploration and production spending.
Chief executive Andrew Gould said: “We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing, however, we still maintain that in the longer term, the fundamentals of our industry are sound.”
In 2007, Schlumberger reported revenue of about £15.52billion and net income of £3.41billion.