Petrofac wins North Sea extension with BP
- Business & Finance
International oil & gas service provider Petrofac has won a three-year extension to an existing North Sea maintenance services contract with British oil giant BP.
Petrofac said on Monday that the contract, worth in the region of $25 million, was awarded following a competitive tender process.
Under the agreement, Petrofac will continue to provide campaign maintenance and isolation valve sourcing scopes on BP’s North Sea assets, many of which the company has supported since 2009.
The initial five-year £100 million contract between the two companies from 2009 was the first contract in which BP separated out maintenance services.
Walter Thain, Managing Director of Petrofac Engineering and Production Services West, said: “Over the last seven years we have developed a robust knowledge of BP’s North Sea assets.
“As a result, we’ve forged a strong working relationship which is evolving in line with current industry drivers and BP’s business objectives. We are delighted BP has demonstrated continued confidence in our ability to drive value through the integration of services and our holistic asset-led approach to delivery.”
At the moment, Petrofac manages planned and routine maintenance, corrective work, including the maintenance of safety equipment, pressure safety valves, fire mains equipment as well as lighting and low voltage electrical maintenance on all BP’s offshore UK North Sea assets with a complement of 100 offshore maintenance workers.