Petrofac secures $200m decommissioning contract
By Abigail Townsend
Date: Thursday 05 May 2022
(Sharecast News) - Petrofac has secured a $200m contract to decommission offshore fields in the Gulf of Mexico, the energy services firm said on Thursday.
In partnership with Promethean Decommissioning Company, part of India's Promethean Energy, the contract will see the FTSE 250 firm decommission the South Pass 60, South Pass 6 and East Breaks 165 fields. The legacy assets include nine platforms, 200 wells and 32 pipeline segments.
Petrofac said PDC would be the decommissioning operator, and was responsible for fulfilling decommission orders issued in February by the US Department of the Interior's Bureau of Safety and Environment Enforcement. Petrofac has been appointed by PDC as the decommissioning services provider, in a contract valued at around $200m.
Nick Shorten, chief operating officer for the firm's asset solutions business, called the contract "significant", adding: "It's been more than four decades since Petrofac first began in Texas, and in that time we have expanded our offshore capabilities around the globe.
"This expertise will be applied to the project, complemented by our already strong onshore presence in Texas."
As at 1030 BST, shares in Petrofac were ahead 3% at 148.8p.
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