The North Sea-focused oil company Ithaca Energy has signed a 5-year Integrated Services Contract with oilfield services provider Petrofac.
Under the contract, Petrofac will provide engineering, construction, maintenance, and offshore manning provision across all of Ithaca Energy’s North Sea operated assets. Petrofac said the contract was a multi-million dollar one but did not go into details on the exact amount.
"The contract extends Petrofac’s existing working relationship with Ithaca, as well as the duration and breadth of services it provides for the Alba, Captain, Erskine and FPF-1 assets, building on the operations, engineering and support services it has been providing since 2011," Petrofac said.
In connection with the implementation of the new services contract, Ithaca Energy said it has made the strategic decision to become “duty holder” for the FPF-1 floating production facility. The FPF-1 is located in Block 30/6a and serves the Ithaca-operated Greater Stella Area production hub.
According to Petrofac, Ithaca will assume Safety Case responsibility for the FPF-1 asset, while Petrofac continues to provide all services and 96 offshore team members for the asset under the new contract.
Nick Shorten, Managing Director for Petrofac’s EPS business in the Western Hemisphere, said: “Now more than ever, it is vital that operators can have confidence in the supply chain to generate value for them. We’re achieving this for our clients by combining our integrated approach with the latest digital technology to drive efficiencies and increase productivity.
Bill Dunnett, Chief Executive Officer, Ithaca Energy, said: “The breadth of this agreement is an excellent example of the long-standing collaboration between Ithaca Energy and Petrofac, which is designed to realize economies of scale, maximizing the value and potential of our assets.
“It provides the opportunity to drive further efficiencies and leverage our in-house capabilities through the transfer of the FPF-1 duty holder. Our continued strong partnership with Petrofac is key in delivering safe, simplified and streamlined operations.”
In the UK North Sea, Ithaca Energy has working interests in 18 offshore producing fields, including seven operated fields and eleven non-operated fields. Ithaca Energy’s net daily production in 2019 averaged 75,000 barrels of oil equivalent.
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