PETROFAC AWARDED FIVE-YEAR INTEGRATED SERVICES CONTRACT WITH ITHACA
Petrofac’s Engineering and Production Services (EPS) business today announces the award of a multi-million dollar Integrated Services Contract with Ithaca Energy (Ithaca).
In a new five-year deal, Petrofac will integrate operations, maintenance, engineering, construction, and onshore and offshore technical support across Ithaca’s North Sea operated asset base.
The contract extends Petrofac’s existing working relationship with Ithaca, as well as the duration and breadth of services it provides for the Alba, Captain, Erskine and FPF-1 assets, building on the operations, engineering and support services it has been providing since 2011.
Having expanded its in-house capabilities, Ithaca will assume Safety Case responsibility for the FPF-1 asset, whilst Petrofac continues to provide all services and 96 offshore team members for the asset under the new contract.
Commenting, Nick Shorten, Managing Director for Petrofac’s EPS business in the Western Hemisphere, said: “Now more than ever, it is vital that operators can have confidence in the supply chain to generate value for them. We’re achieving this for our clients by combining our integrated approach with the latest digital technology to drive efficiencies and increase productivity.
“Ithaca’s decision to expand our service provision demonstrates its confidence in our ability to provide integrated support services that enhance operational effectiveness. We look forward to building on our long-standing working relationship by supporting our client to maximise the value of its assets.”
Bill Dunnett, Chief Executive Officer, Ithaca Energy, said: “The breadth of this agreement is an excellent example of the long-standing collaboration between Ithaca Energy and Petrofac, which is designed to realise economies of scale, maximising the value and potential of our assets.
It provides the opportunity to drive further efficiencies and leverage our in-house capabilities through the transfer of the FPF-1 duty holder. Our continued strong partnership with Petrofac is key in delivering safe, simplified and streamlined operations.”
Ithaca Energy is a UK North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of undeveloped discoveries and the exploitation of its existing producing asset portfolio. Ithaca has a solid and diversified UK producing asset base generating significant free cashflow, mainly from oil production. Current development activities are focused on the build out of the Ithaca operated production hub in the “Greater Stella Area” of the UK Central North Sea. The Company has its headquarters in Aberdeen, United Kingdom and is wholly owned by the Delek Group.
(Source: Petrofac – Image: Alba platform in the UK North Sea/Ithaca)