UK: Titan Torque Bags 3-year Contract to Support Premier Oil*s North Sea Ops
- Business & Finance
Oilfield equipment specialist Titan Torque Services has secured a three-year contract to support the UK North Sea operations of Premier Oil.
Aberdeen-based Titan will perform all bottomhole assembly make up and break out, and pressure testing work, in support of Premier’s drilling programme in a deal worth up to US$775,000 (£500,000) over its term.
The call-off contract, which carries two one-year extension options, will also involve the deployment of Titan’s award-winning Drill Bit Protector.
Keith Gaskin, Managing Director of Titan Torque, said: “We already provide services to many key North Sea players but this is our first contract with a major operator so it represents a significant breakthrough for us in our market.
“Premier places a strong emphasis upon safety, environmental protection, technical proficiency and the use of the best people and equipment in all its operations, so this agreement is an endorsement of the approach we take to customer service.
“We are ideally equipped to provide the fast, responsive and efficient service that it needs to support its forthcoming drilling activities.
“Further, we are pleased to benefit from Premier’s objective of using local businesses whenever possible in support of its operations – an approach can only be encouraging to the wider supply chain in the north-east of Scotland as Premier looks to develop its UK presence.”
Titan Torque’s Drill Bit Protector is already used by many major North Sea operators to enhance safety and efficiency during transportation and offshore deployment. The specially designed Protector saw the company win the Wood Group Award for Innovation at the 2010 Grampian Awards for Business Enterprise.
The company has also been shortlisted in the Research and Development category at the Northern Star Business Awards, organised by the Aberdeen and Grampian Chamber of Commerce. The winners will be announced at the Press and Journal Arena at the Aberdeen Exhibition and Conference Centre on Thursday, September 23.
Titan, which is aiming to achieve a turnover of US$3.1m (£2m) in this financial year, has recently doubled the size of its facility in Aberdeen’s East Tullos Industrial Estate to 10,000sq ft to manage its ongoing business growth.
Source: PR Newswire, September 16, 2010: