Petrofac Secures New BP Contracts

Petrofac revealed Tuesday that BP has awarded the company a new four year metering contract and a three year extension to its existing maintenance contract.

The metering services contract includes on and offshore consulting and support services, according to Petrofac. Under the agreement, Petrofac will continue to harness digital technology to drive improvements and increase efficiencies for BP, the company stated.

As part of the maintenance agreement, Petrofac said it will continue to provide campaign inspection and maintenance services on BP’s North Sea assets. Petrofac outlined that it has supported many of these assets for the last decade.

“We are proud to build on our long-standing relationship with BP, who have been an early adopter of our digital execution processes,” Nick Shorten, the managing director of Petrofac Engineering and Production Services, West, said in a company statement.

“We look forward to building on the gains made through this approach and establishing our metering services provision,” he added.

Earlier this month, Petrofac revealed that its Engineering & Production Services business had been awarded two three-year renewals in the UK worth a combined total of more than $100 million. The awards were gained under a competitive tender process with an “international oil company”, according to Petrofac.

Last month, Petrofac announced that was taking decisive actions to improve its cost competitiveness and protect the long-term health of its business. These actions included salary reductions, staff cuts and furloughs. The measures are expected to reduce overhead and project support costs by at least $100 million this year.

Petrofac designs, builds, manages and maintains infrastructure for the energy industries, according to its website. The company, which is based in St Helier, Jersey, was established in 1981 and is headed by Group Chief Executive Ayman Asfari, who first joined Petrofac in 1991.

Source: Rigzone

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