Petrofac has clinched a two-year deal to provide £38 million worth of services for a new UK North Sea joint venture.
The client is Petrogas NEO UK, which is owned by Omani firm Petrogas and Neo Energy, a portfolio company of private equity fund HitecVision.
In July, the JV agreed to buy a package of North Sea assets from Total in a deal that was initially expected to go through in the fourth quarter of 2019.
It’s understood the transaction has not gone through yet, but completion is anticipated early this year.
Petrofac will combine a range of services to help Petrogas Neo hit the ground running in the North Sea.
The UK-headquartered oilfield services giant will assist its customer with the “transition of operations” on the Quad 15 and Flyndre area assets.
And it will provide operational, maintenance, engineering, construction, well engineering and project management support services.
Nick Shorten, managing director for Petrofac’s Engineering and Production Services (EPS) business in the Western Hemisphere, said: “This agreement represents a significant new strategic partnership for Petrofac in our core UK market.
“Our ability to seamlessly integrate services across the asset lifecycle, will ensure Petrogas NEO UK’s requirements are efficiently supported as it seeks to safely and responsibly extend field life.
“We very much look forward to supporting our client’s first UK venture.”
