Topsides UK 2016: Overhauling ageing North Sea platforms delays decommissioning
Ensuring the asset integrity of ageing North Sea assets can ensure they remain productive longer than previously intended the Topsides UK conference heard today.
Petrofac
Topsides UK: North Sea is sustainable, if transformation takes place
The UK North Sea industry does have a sustainable future, if action is taken now to make the changes needed to deliver $15 dollar production costs, industry experts insisted today.
Petrofac wins $250million North Sea contract, secures 65 jobs
Petrofac has been appointed as duty holder to support North Sea incomers Anasuria Operating Company Limited in a deal worth $250million, securing 65 jobs.
Ineos boss Ratcliffe is UK’s richest oil billionaire on Forbes list
Ineos boss Jim Ratcliffe is the UK's richest energy services mogul on the Forbes 2016 billionaires list with his $5.5billion fortune.
Petrofac shares surge on record order book
Petrofac shares surged ahead today after the company said its order book stood at record levels of $20.7billion.
Petrofac profits battered by Laggan Tormore and oil slump
Petrofac profits have been hit by a double whammy of low oil prices and accounting for a loss from its Shetland Islands project.
Petrofac wins North Sea contract
Petrofac has secured a contract from Zennor Petroleum to provide well design and well construction management services to support the Finlaggan well in the North Sea.
Petrofac, GE win £110million contract on offshore windfarm
Petrofac and GE have been awarded a contract worth more than £110million to engineer, construct and install a turnkey power system. It will connect up to 336MW of clean energy from the Galloper offshore wind farm off Suffolk, to the British grid.
Petrofac in consultation over 65 positions on CNR assets
Petrofac is in consultation with staff over up to 65 positions on CNR assets in the North Sea. It is understood the jobs are in addition to the 160 confirmed by the company earlier this month.
Aqualis secures contract for BorWin 3 converter platform in North Sea
Offshore marine and engineering consultancy Aqualis Offshore has been contracted by Petrofac to perform technical support services for its work on the BorWin 3 gamma topside for the North Sea.
Sturgeon says North Sea oil industry is “in crisis”
Nicola Sturgeon has admitted the oil industry in the north-east is now in crisis – despite one of her own MSPs claiming it was “booming” just days ago.
MSP lobbies Chancellor to take action on oil jobs
North east MSP, Kevin Stewart has written to the Chancellor of the Exchequer asking him to take action on securing jobs in the oil and gas sector.
Ithaca delays Stella start-up, Petrofac absorbs overspend
Ithaca today confirmed the start-up of its Greater Stella Development would be delayed until the third quarter of this year.
Petrofac boasts record backlog
Petrofac confirmed a record backlog, totalling $18.5billion in its latest financial update.
Petrofac lands $400million of UKCS work
Petrofac has landed UKCS contract extensions, totalling $400million.
Lamprell employs 1,500 project personnel to cope with increased orders
Engineering services company Lamprell said it had increased its workforce by 1,500 in response to increased project construction work in the Middle East.
Saudi Aramco awards Petrofac greenfield contract
Saudi Aramco has awarded Petrofac the engineering, procurement and construction (EPC) work for its greenfield development.
Petrofac teams up with Faroe Petroleum and Eni in North Sea cost saving move
Petrofac has teamed up with Faroe Petroleum and Eni Hewett to establish a cost saving partnership across their UK operations in the Southern North Sea. The tripartite agreement is aimed at driving efficiencies and commercial synergies. Petrofac will share logistics across the Schooner, Hewett and Ketch gas fields to share logistics and accommodation services across the facilities.
Petrofac secures multi-million dollar Shell contract in Iraq
Oilfield services company Petrofac has been awarded a multi-million dollar technical training contract with Shell Iraq, achieving their fourth win with a major operator in the country.
Petrofac terminates vessel contract with ZPMC
Petrofac has terminated a contract with ZPMC over alleged issues with the its performance in construction of the design of a deepwater multi-purpose vessel. The international service provider said the move was “regrettable” but “necessary”.
Ithaca redraws Petrofac’s Greater Stella deal
Ithaca Energy has modified its Greater Stella deal with Petrofac in a bid to hit its sail-away target.
Petrofac boss admits Laggan Tormore mistake
Petrofac boss Ayman Asfari has admitted mistakes were made in the handling of the delayed Laggan Tormore gas development - which has led to the company losing $263million on the Shetland project.
Petrofac hit by losses from increase in Shetland project costs
Petrofac has posted a net loss for the first half of the year which was affected by an increase in costs from its Laggan-Tormore project in the Shetland Islands. The company said net loss for the period was $133million, compared with a net profit of $136million a year earlier. Petrofac has incurred $236million in loss on the delayed Shetland Islands project so far this year.
Petrofac nets $780million Kuwait contract
Petrofac has been awarded a $780million contract from KOC (Kuwait Oil Company) for its manifold group trunkline in the country. The international oil and gas services provider said the win will play an integral part in KOC’s plans to increase and maintain its crude production over the next five years. There are three new gathering centres – forming part of the broader engineering, procurement and construction contract - already being built.
Petrofac’s share price jumps despite Shetland woes
Petrofac’s share price rose nearly 10% to 939p despite mounting costs. The firm confirmed staffing issues, work delays and harsh weather conditions led to an additional £30million in incurred costs for its Laggan-Tormore project . The bloated expenditure brings the company’s total loss in the year to date to £140million.