REG-Petrofac Limited Petrofac Limited: Petrofac secures sizeable decommissioning contract through Gulf of Mexico Alliance

PetrofacAnnouncement

05/05/2022 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: Petrofac secures sizeable decommissioning contract
   through Gulf of Mexico Alliance

   05-May-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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                                 Press Release

    

    

    

   5 May 2022

    

                   Petrofac secures sizeable decommissioning

                    contract through Gulf of Mexico Alliance

                                        

   Petrofac, a leading provider  of services to  the global energy  industry,
   and Promethean Decommissioning Company (PDC), a pure-play  Decommissioning
   Operator, have formed an Alliance to decommission the South Pass 60, South
   Pass 6 and East Breaks 165 fields, offshore Gulf of Mexico.

   The legacy offshore fields  and assets include  nine platforms, 200  wells
   and 32  pipeline segments.  The scope  includes the  safe, efficient,  and
   assured decommissioning of the fields.

   PDC takes on the role of  Decommissioning Operator and is responsible  for
   fulfilling  the  field  Decommissioning  Orders  received  from  the  U.S.
   Department  of  the   Interior’s  Bureau  of   Safety  and   Environmental
   Enforcement in February 2022. 

   Petrofac has  been  appointed  by  PDC  as  the  Decommissioning  Services
   Provider in a  contract valued  at around US$200m  in line  with the  BSSE
   (Department   of   Biosystems   Science   and   Engineering’s)   estimated
   decommissioning cost.

   With over  two decades  of large-scale  project execution  experience  and
   in-house  well  engineering  capability,  Petrofac  will  use  its  proven
   decommissioning programme  management  systems, tools,  and  processes  to
   deliver the programme. Its integrated local team, working closely with its
   wider global decommissioning organisation and supply chain partners,  have
   plugged and  abandoned more  than 600  wells and  decommissioned over  100
   facilities.

   PDC is an Operator, focused solely on field decommissioning, and led by an
   industry  experienced   specialists   with  strong   safety,   regulatory,
   management  and  governance  track  records,  and  a  mission  to  deliver
   cost-efficient and environmentally optimised decommissioning.

   The Alliance  has  selected  Danos,  a leading  Gulf  of  Mexico  offshore
   services provider, for over 75 years  to support field operations and  the
   decommissioning programme.   With  nearly  2,500 employees,  Danos  has  a
   proven history  of  operational  excellence  and  safe  operations.  Their
   longstanding relationships in the Gulf  of Mexico and comprehensive  range
   of services  positions  them  to  provide the  expertise  needed  for  the
   programme.

   The project will be  led from Houston, with  the integrated Alliance  team
   using  the  latest  digital  software,  including  Petrofac’s  proprietary
   project management  tool Turus™,  to deliver  the decommissioning  project
   with comprehensive dashboards, transparency and assurance.

   Nick Shorten,  Chief  Operating  Officer for  Petrofac’s  Asset  Solutions
   business, said: “This significant contract recognises our industry-leading
   decommissioning programme management  experience and  our unique  in-house
   capability to manage all well and asset decommissioning phases. It’s  been
   more than four  decades since Petrofac  first began in  Texas and in  that
   time we have  expanded our  offshore capabilities across  the globe.  This
   expertise will  be applied  to the  project, complemented  by our  already
   strong onshore presence in Texas.

   “We look forward to working with PDC as part of our Alliance to deliver  a
   new approach  to large-scale  decommissioning programmes  in the  Gulf  of
   Mexico.”

   Aditya  Singh,  Founder  and  CEO,  Promethean  Energy  Corporation  said:
   “Promethean is an oil and gas operator with an integrated approach to  the
   development, production, and decommissioning  of mature resources. We  are
   pleased to offer our new outsourced ‘Decommissioning Operator’ service  to
   the industry  and  to  commence activity  on  this  major  decommissioning
   project. We  are  fully  aligned  with all  our  stakeholders  to  improve
   environmental performance through the  safe and efficient  decommissioning
   of  end-of-life   assets.   We   accomplish   this   with   a   dedicated,
   fit-for-purpose entity, PDC, via an integrated operating service model and
   focused programme management. I am  particularly pleased that the PDC  and
   Petrofac  Alliance  has  been   selected,  leveraging  the   complementary
   strengths of both companies.”

   ENDS

    

    

   For further information contact:

    

   Gemma Setter

   Senior Communications Advisor

    1 Gemma.Setter@petrofac.com

   +44 7796 940142

    

    

   NOTES TO EDITORS

   Promethean Energy Corporation

    

   Promethean is  a purpose-driven  oil  & gas  operator with  an  integrated
   approach to  the development,  production, and  decommissioning of  mature
   resources in the Gulf of Mexico and beyond. 

    

   Collaborative and experienced, Promethean has the expertise to  accurately
   interpret data, identify opportunities, and deploy cutting edge  practices
   and proven technologies to  develop, produce, and  decommission oil &  gas
   fields. This is supported by the core pillars of the Promethean  strategy:
   focus on economic  and environmental  outcomes, the  integration of  data,
   technology and  interdisciplinary  teams, the  implementation  of  equally
   innovative  financial  and   contractual  models,   and  integrated   risk
   management. 

    

   As  a  forward-thinking  company  in  an  evolving  industry,   Promethean
   contributes to an orderly  energy transition, strengthens energy  security
   and  improves  environmental  performance  by  embracing  sustainable  and
   responsible   protocols   throughout   operations,   including   real-time
   production management  and control,  elimination  of flaring  and  methane
   emissions, decarbonization  of operations,  and  environmentally-sensitive
   repurposing  of   decommissioned  assets   for   the  reduction   of   its
   environmental footprint. 

    

   For additional  information, please  refer to  the Promethean  website  at
    2 www.promethean-energy.com.

    

    

   Petrofac

    

   Petrofac is  a  leading  international  service  provider  to  the  energy
   industry, with a diverse  client portfolio including  many of the  world’s
   leading energy companies.

    

   Petrofac designs,  builds,  manages  and  maintains  oil,  gas,  refining,
   petrochemicals and  renewable energy  infrastructure.  Our purpose  is  to
   enable our clients to meet the world’s evolving energy needs.

    

   Petrofac’s core markets  are in the  Middle East and  North Africa  (MENA)
   region and the UK  North Sea, where  we have built  a long and  successful
   track record of safe, reliable and innovative execution, underpinned by  a
   cost effective and local delivery model with a strong focus on  in-country
   value. We operate in several  other significant markets, including  India,
   South East  Asia and  the United  States. We  have 8,500  employees  based
   across 31 offices globally.

    

   Petrofac is quoted on the London Stock Exchange (symbol: PFC).

    

   For additional  information,  please  refer to  the  Petrofac  website  at
    3 www.petrofac.com

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   ISIN:          GB00B0H2K534
   Category Code: CNT
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  159622
   EQS News ID:   1344003


    
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