Aker Solutions, MFDevCo in Duty Holder Deal
- Business & Finance
Aker Solutions has entered into an agreement to provide duty holder or ‘installation operator’ services on Marginal Field Development Company (MFDevCo’s) projects.
The addition of duty holder capability is imperative in the final phases of project due diligence and provides the link with the operational stage of projects.
Aker Solutions experience and expertise should complement that of MFDevCo and the existing members of the Consortium and demonstrates the ability to not only deliver but also operate the projects that MFDevCo secures.
Under the agreement signed, MFDevCo has granted Aker Solutions the right of first refusal to provide duty holder services on all MFDevCo projects; in return, Aker Solutions will invest resources in assisting MFDevCo in the identification and initial assessment of potential projects.
The initial term of the agreement is five years and both parties intend it to form the basis for a long term working relationship with the potential for increasing efficiencies in service provision and working practices going forward.
Alison Pegram, managing director of MFDevCo, said: “Signing this agreement with Aker Solutions is a very significant step for us, ensuring that we have the support and expertise required not only to deliver but also to operate our projects safely and cost-effectively. Aker Solutions’ commitment to innovation and collaboration fits very well with our own philosophy and that of our Consortium; their reputation and experience will lend further credibility and give additional confidence to partners and potential investors at what is an extremely exciting time for the company.”
“Working with Marginal Field Development Company is an excellent fit for Aker Solutions in the UK,” said SVP Craig Wiggins, who heads Aker Solutions’ production asset services business in the UK. “The relationship will capitalize on our broad capabilities including our strength in ‘installation operator’ services.”