International oil and gas facility service provider Petrofac said yesterday it had bought its first floating production unit.
The company’s energy-development business has acquired the AH001 vessel from Hess and Endeavour Energy UK for an undisclosed sum.
The AH001 has been on the Ivanhoe and Rob Roy fields in the UK North Sea since 1989, with the Renee and Rubie fields also having been produced through the facility since 1999.
The vessel, weighing about 17,000 tonnes, has a processing capacity of 70,000 barrels per day of oil and 42.5million standard cubic feet per day of gas.
The AH001 is expected to arrive shortly at the McNulty offshore facility in Newcastle.
The group said options for its upgrade, modification and redeployment on fields in which Petrofac Energy Developments had or could take an interest would be considered over the coming months.
Amjad Bseisu, chief executive of Petrofac Energy Developments, said: “We are delighted to have acquired this production facility and to have completed our first energy infrastructure investment.
“This transaction and our ability to manage the required upgrade to the vessel and any modifications to position it for redeployment means we are uniquely positioned to deliver innovative and compelling development solutions for undeveloped opportunities and generate additional value alongside potential co-venture partners.”
Martin Edwards, Hess vice-president for production in Europe, said: “The AH001 was a pioneer in the North Sea; one of the first successful deployments of floating production systems that demonstrated that the technology was suitable for the harsh climate of the region.
“Having achieved success well beyond our original expectations, we are pleased to have been able to conclude AH001 operations safely and efficiently and complete the sale to Petrofac.”
With more than 11,000 employees, Petrofac operates out of five operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide.
Its shares closed last night up 2.7% at 750.5p.