Contract Award

RNS Number : 4299V

Petrofac Limited

09 July 2009

 



9 July 2009

PETROFAC LIMITED

Petrofac awarded engineering and offshore construction contract on Forties Field  

Petrofac, the international oil & gas facilities service provider, has been awarded a new contract by Apache North Sea Limited following a competitive tender for Onshore Engineering and Ad-Hoc Offshore Construction Services. 

The new contract has a firm duration of three years with two optional one-year extensions and is worth approximately £25 million per annum.  Under the project scope Petrofac will undertake development of onshore engineering and offshore construction projects to support the five fixed Forties field platforms.

Jim House, regional vice president and managing director, Apache said: "Since the acquisition of the Forties Field in 2003, Apache has invested well over US$1.2 billion to renovate a very mature and significant UKCS asset that has translated into extending the expected field life and ultimate reserve recovery. Apache continues to seek ways to improve production efficiencies and add value while continuing to operate safely. Apache completed a resource development project during 2008 that has provided the framework for a work programme for at least the next five to ten years.  

"As part of this ongoing process, Apache competitively tendered its engineering and construction Services contract and after an exhaustive evaluation process, selected Petrofac as the successful contractor.  Petrofac was selected on the basis of introducing innovative commercial solutions and a clearly demonstrated strategy to help Apache achieve its goals."

Bill Dunnett, managing director, Petrofac Offshore Engineering & Operations said: "We are delighted to have won this significant contract with Apache for the Forties Field. Both of us have the same approach to continuously improving safety performance and we look forward to helping Apache build on their outstanding achievements to date with Forties."

Ends

For further information contact:

Petrofac Limited                                         [phone]

Ayman Asfari, Group Chief Executive

Keith Roberts, Chief Financial Officer

Jonathan Low, Head of Investor Relations

Bell Pottinger Corporate & Financial                [phone]

Ann-marie Wilkinson

Olly Scott

Petrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.  

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.

Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.

With more than 11,000 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

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