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Current disclosures in PETROFAC LTD, 5 currently shorting.
Thu May 6, 2021
Wed April 21, 2021
Mon April 26, 2021
Tue April 20, 2021
Tue May 4, 2021
Opinion: Strong Buy
Posted: April 7, 2021
Petrofac shares surged on Wednesday after the oilfield services provider said it has extended $700m of its banking facilities and that net debt is set to be better than expected.
With the "unanimous support" of its lenders, Petrofac has secured a $610m extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months, and a $90m extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022.
The increase in margin on these facilities reflects market conditions and remains competitive, the company said.
Existing financial covenants remain unchanged and will be tested on a quarterly basis. In line with Petrofac's liquidity policy, the extended revolving credit facility includes a minimum liquidity covenant of $100m.
Petrofac said the revised facilities of $700m represent a reduction in facility size of $450m, "in line with business requirements and reflecting the group's transition to a capital light business model". Both facilities were due to be repaid or prepaid on or before 2 June.
"The extension of these facilities, together with the issue of £300m in commercial paper under the Covid Corporate Financing Facility in February 2021, preserve the group's strong liquidity position which was $1.3bn at 31 March," it said.
The group now expects to report net debt of $116m as at 31 December 2020, better than expectations, and said it continues to target eliminating net debt "as market conditions and contract awards recover".
At 1300 BST, the shares were up 8.6% at 105.70p.
Opinion: Strong Buy
Posted: February 15, 2021
Petrofac, Repsol Sinopec Resources UK and TechnipFMC announce today the formation of an innovative industry alliance which seeks to maximise the recovery of oil and gas from the UK Continental Shelf (UKCS).
The partnership will work together to offer the owners of oil and gas discoveries near Repsol Sinopec’s existing North Sea infrastructure hubs an integrated, technically robust and commercially flexible solution to meet their near to mid-term development objectives.
Under the terms of the partnership, Petrofac will provide all services associated with topsides engineering and operations support, whilst TechnipFMC will deploy its *iFEED® front-end engineering and design solution and its integrated subsea business model, **iEPCI™. Repsol Sinopec will provide access to its facilities under the industry-led infrastructure code of practice. Together, the group offers decades of subsea and topsides engineering, project management and operating expertise to create an all-encompassing offering, from the well head to export route.
Nick Shorten, Managing Director of Petrofac's Engineering and Production Services, West business said:
With more than three billion barrels locked in marginal fields across the UKCS, small pools represent a big opportunity. Industry level collaborations such as this, will drive the standardisation required to reduce the time and cost of tie-back developments. Petrofac is thrilled to combine the asset knowledge gained as Repsol Sinopec’s operations and maintenance partner, with our engineering and project management expertise in support of this exciting collaboration.
Jose Luis Muñoz, CEO Repsol Sinopec said: “As an industry we must get better at recognising the benefits of utilising existing North Sea infrastructure to maximise the economic recovery of the basin, minimise carbon emissions and transition to a lower carbon economy. This industry collaboration brings together three well respected, experienced companies that have the resources, drive and ambition to support the continued success of the industry for many years to come.”
Jonathan Landes, President Subsea, TechnipFMC, said: “We are delighted to play a part in helping to maximise recovery of oil and gas from the UK Continental Shelf. Leveraging our integrated subsea business models, iFEED® and iEPCI™, we are ideally placed to support and optimize future development opportunities from early concept to first production and beyond while minimising the carbon footprint. With a shared commitment to excellence in Health, Safety, Environmental and Quality standards, we look forward to working with Repsol Sinopec to deliver a culture of efficiency, standardisation and sharing of best practice as we adopt this unique and important alliance in the UK.”
*iFEED® TechnipFMC’s iFEED® front-end engineering and design solution combines the scope of SPS and SURF to deliver a full field subsea architecture design.
** iEPCI™ integrated Engineering, Procurement, Construction and Installation.
Opinion: Strong Buy
Posted: February 15, 2021
Petrofac’s Engineering and Production Services (EPS) division has further strengthened its global Well Engineering portfolio following the award of a drilling management services contract with Carnarvon Petroleum.
The agreement supports Carnarvon’s Buffalo redevelopment, offshore East Timor in the Timor Sea, and includes planning, detailed well design, drilling execution and all associated procurement. The scope, which will be managed via Petrofac’s Well Engineering group in Perth, Australia, follows a competitive tender process.
Nick Shorten, Managing Director of Petrofac EPS (West) commented: “Globally our Well Engineering experts have drilled over 400 wells for 100 operators. We very much look forward to deploying that experience in support of Carnarvon’s exciting advancement in East Timor.
Carnarvon Managing Director and CEO, Adrian Cook, said: “Petrofac is an established and highly experienced global energy services provider and is well suited to ensure the success in the Buffalo project. They have already made encouraging progress in assessing our well plans, reviewing drilling rig alternatives and assessing the necessary long lead items for drilling. We look forward to an exciting year”.
Opinion: Strong Buy
Posted: February 9, 2021
Petrofac to deploy global decom expertise in Australia, in contract first
Petrofac’s Engineering and Production Services (EPS) business has strengthened its presence in Australia, having secured a Well Project Management contract in the country with PTT Exploration and Production (PTTEP).
Under the terms of the agreement, Petrofac will provide all project manpower to enable the execution of plug and abandonment operations on two of PTTEP’s remaining subsea wells in the Vulcan Basin, located in North West Australia. Work will include detailed planning, procurement services including tender for a semi-submersible rig, and management of operations and sub-contracted services.
Today’s announcement builds on Petrofac’s ongoing expansion in Australasia and reflects the continued global growth of its Well Engineering capabilities.
Commenting, Nick Shorten, Managing Director for Petrofac Engineering and Production Services (West), said: “The award of this contract is testament to our track record for delivering Well Engineering and decommissioning services for our clients globally. Our teams have operated in Australia for more than a decade working on some of the region’s largest energy developments, but we are particularly excited to be deploying our Well Project Management capability and expertise there for the first time.
“When it comes to decommissioning, we understand the focus on cost and schedule is as important as ever. We look forward to working closely with PTTEP to deliver a safe and predictable plug and abandonment campaign.”
Opinion: Strong Buy
Posted: February 4, 2021
4 February 2021
PETROFAC SECURES PETROLEUM DEVELOPMENT OMAN CONTRACTS
Petrofac has been awarded two contracts, together worth around US$300 million through Petroleum Development Oman (PDO).
The first is a direct EPC contract for PDO's Marmul Main Production Station (MMPS) - Gas Compression project. The scope of work for the 30-month, lump-sum turnkey contract includes engineering, procurement, construction, commissioning, start-up and initial operational support.
Located at Marmul in the South of Oman, approximately 800 kilometres from Muscat, the purpose of the new facility is to eliminate permanent flaring and manage associated gas. The work includes gas recovery and booster compressors, gas sweetening, dehydration and other units, utility systems and modification of existing facilities.
The second is a project delivery contract with Petrofac's partner and main PDO contract holder Arabian Industries Projects LLC, for selected PDO concession areas in the North of Oman. The scope of this seven-year contract is for provision of reimbursable engineering services, integrated project support and management services, and has an option to extend for three years.
In line with the main objectives of the integrated project services part of this contract, Petrofac will ensure the effective management, control, execution and documentation of changes and additions to production facilities through specific technical studies related to concept development, development of front-end engineering design (FEED) and detailed design.
Elie Lahoud, Chief Operating Officer - Engineering & Construction, commented: "Petrofac has a significant track record in Oman and PDO are a longstanding client. We look forward to building on our strong relationship through these latest contract awards. Both will be delivered by our teams in the Sultanate, with the focus on safety, maximising local and sustainable delivery, and generating In-Country Value."
Petrofac has been serving Oman's energy industries for more than 30 years and during this time has:
Established a multi discipline engineering and project execution office in Muscat
Invested US$30 million in a state-of-the-art technical training centre with its partner Takatuf Petrofac Oman (TPO)
Developed a highly capable workforce, with over 30% Omanisation in the Sultanate
Recorded multi-billion-dollar ICV contribution to Oman's economy in respect of the purchase of Omani goods and services
Opinion: Strong Buy
Posted: February 3, 2021
Rye Bay Capital close 3.53% net short position in Petrofac.
As of 02 Feb, 2021, Rye Bay Capital LLP hold 0.00%; according to a source.
Posted: August 6, 2020
Petrofac and Storegga partner on renewable energy
Petrofac and Storegga Geotechnolgies have joined forces to collaborate on potential business development and project initiatives in carbon capture and storage (CCS), hydrogen and other low carbon projects.
To solidify the commitment, the companies today the signed a Memorandum of Understanding that builds new energy capability and capacity, representing a strategic step in Petrofac’s continued expansion into new and renewable energy.
With an initial focus on the UKCS and North West Europe, the MOU also includes scope for the parties to work together internationally.
John Pearson Petrofac Engineering & Production Services’ Chief Operating Officer, and Global Corporate Development Officer, commented “We are delighted to develop this strategic partnership with Storegga, who have a bold ambition to establish themselves as an operator of low carbon technology projects.”
“Like our existing offshore wind portfolio, CCS, hydrogen and other low carbon technologies require the complex engineering, project management and asset management capability we have developed in oil and gas.”
Nick Cooper, Chief Executive of Storegga Geotechnologies, added, “There is great value in Storegga working with companies such as Petrofac to bolster our engineering and project management capability. This will enable Storegga to accelerate the delivery of our CCS and hydrogen projects in support of the energy transition.”
Posted: August 5, 2020
Petrofac shares details of potential upcoming contracts
Petrofac has shared details of a number of contracts that will potentially be put out to tender over the next year.
Cheryl McRae, subcontract team lead for the energy services firm’s engineering and production services west division, said they have come up with a “rigorous” tender plan in response to the Covid-19 pandemic and collapse in oil and gas prices.
The potential contracts include work for a number of major players in the North Sea, including Shell, Neptune Energy and EnQuest.
Over the last year, Petrofac, which provides duty holder services for numerous North Sea operators, has tendered around £100 million worth of work.
However, bosses are keen to point out that, with uncertainty still rife in the sector, contracts could be subject to change.
Ms McRae said yesterday at an Oil and Gas UK share fair event: "In light of the current circumstances that we’re facing just now, that being the pandemic and the low oil price, we have re-looked at our tender plan."
"We’ve come up with a rigorous plan but it’s not set in stone. There’s every chance these contracts will change going forward and it all depends on the priorities within our organisation."
The contracts that Petrofac plans to tender over the next 12 months and the assets they relate to are:
Ithaca Energy – FPF-1
· Maintenance support for nucelonic services
· Telecom services
· VSAT services
Anasuria Operating Company – Anasuria FPSO
· ESD support
· Chemical management services
EnQuest – Kittiwake
· Structural analysis
· Pump management service
· Electrical support services
Petrogas Neo – GP3
· Quayside services / chartering
· Nitrogen gas equipment rental
· Rental of methanol bund and compressors
· Lube oil analysis and tank hire
· Rental services
· Provision of piping vibration and stress management analysis
· Provision of flow metering computer systems support
· Provision of sample analysis and offshore chemist services
· Provision of process control and instrumentation consultancy
· Annual pumps health check
· Helideck netting maintenance and certification
· Door maintenance
· Overhaul and service of diesel engines
· Firefighting equipment and maintenance
· Battery maintenance and testing
· Flexible hose assembly inspections and remedials
· UPS maintenance services
· Corrosion management services
ENI – Hewett
· Underwater services contract 2020-23
· SNS X Asset independent verification and recertification of lifting equipment services
· SNS X Asset provision of electrical and instrumentation services
ENI – Liverpool Bay ISP
· Ignition control
· Protection system
· Marine integrity propulsion system
· Structural integrity scopes
Multiple clients – Corporate, Master Services Agreement
· Piping bulks
E&C – Various Assets
· Manual valves
Neptune Energy – Cygnus Alpha
· Biocide injection package
· Oxygen scavenger injection package
Repsol Sinopec Resources UK – Montrose/Bleo Holm
· Shutdown/control valves
· Pig launcher/receiver
· Heat exchangers
· Circulation pumps
· Module fabrication
· Expansion vessels
Shell – Clipper
· Nitrogen injection package
Multiple clients – Corporate (industrial services)
· Coating – paint supply
· Insulation – material supply
· Blasting – material supply
· Passive fire protection – material supply
· Composite repair
· Scaffold – Access platforms
· Asbestos management
Multiple clients – Corporate
· Supply of stationary and office consumables
· Provision of occupational health and medical services
· External legal council services
Posted: July 23, 2020
Shares in Petrofac (LON:PFC) are currently trading at 170.3 but a key question for investors is how the economic uncertainty caused by Coronavirus will affect the price. One way of making that assessment is to examine where its strengths lie...
The market price in Petrofac shares has moved by 14.3% over the past three months. In volatile markets, many investors are keen to buy what they think are cheap stocks - but it's essential to recognise the difference between a genuine bargain and a value trap. Often, the quality of the stock makes all the difference.
The good news is that Petrofac scores well against some important financial and technical measures. In particular, it has strong exposure to two influential drivers of investment returns: high quality and a relatively cheap valuation.
Buying quality at a fair price
Good quality stocks are loved by the market because they're more likely to be solid, dependable businesses. Profitability is important, but so is the firm's financial strength. A track record of improving finances is essential.
One of the stand out quality metrics for Petrofac is that it passes 6 of the 9 financial tests in the Piotroski F-Score. The F-Score is a world-class accounting-based checklist for finding stocks with an improving financial health trend. A good F-Score suggests that the company has strong signs of quality.
While quality is important, no-one wants to overpay for a stock, so an appealing valuation is vital too. With a weaker economy, earnings forecasts are unclear right across the market. But there are some valuation measures that can help, and one of them is the Earnings Yield.
Earnings Yield compares a company's profit with its market valuation (worked out by dividing its operating profit by its enterprise value). It gives you a total value of the stock (including its cash and debt), which makes it easier to compare different stocks. As a percentage, the higher the Earnings Yield, the better value the share.
A rule of thumb for a reasonable Earnings Yield might be 5%, and the Earnings Yield for Petrofac is currently 15.0%.
In summary, good quality and relatively cheap valuations are pointers to those stocks that are some of the most appealing to contrarian value investors. It's among these shares that genuine mispricing can be found. Once the market recognises that these quality firms are on sale, those prices often rebound.
Opinion: No Opinion
Posted: July 22, 2020
Now in its final stages, work continues to progress well at the Salalah LPG extraction project in Oman for OQ LPG (SFZ) LLC.
In numbers, this video shows the progress the Salalah team has made. Well done to everyone involved👏.
Find out more about the project: https://bit.ly/2E5Yev5
Watch the video
Opinion: No Opinion
Posted: April 16, 2020
RNS Number : 8559J
16 April 2020
16 April 2020
DALMA PROJECT UPDATE
Petrofac Ltd ("Petrofac" or "the Company") announces that its Petrofac Emirates joint venture has received notice of termination from Abu Dhabi National Oil Company (ADNOC) of two recently awarded contracts for the Dalma Gas Development Project. Petrofac is committed to working with ADNOC over the coming weeks to explore alternative options to deliver this project in a way that supports their strategic objectives within the current challenging environment.
The project, worth around US$1.65billion, and awarded in February 2020, comprised two packages. Petrofac Emirates' portion of the scope of work is valued at US$1.5billion.
Petrofac continues to progress execution of its remaining Group backlog of around US$7billion as planned and is still progressing with tendering for major contracts in Abu Dhabi. However, it anticipates this development may have an impact on the timing of their awards.
Opinion: No Opinion
Posted: March 24, 2020
Sharjah National Oil Corporation (SNOC), today announced that its Moveyeid Gas Storage Surface Facility Project has been awarded to Petrofac Facilities Management International Limited
Posted: February 20, 2020
Petrofac awarded US$40 million project by Sharjah National Oil Corporation
Petrofac’s Engineering & Production Services division (EPS) has been awarded an engineering, procurement, construction and commissioning (EPCC) contract by Sharjah National Oil Corporation (SNOC), worth around US$40 million, for a project in the United Arab Emirates.
The award demonstrates delivery against EPS’s strategy to secure smaller greenfield and brownfield EPC projects, utilising its footprint and infrastructure in existing core markets.
Mani Rajapathy, Managing Director, EPS East, commented:
“We are delighted to be awarded this contract by Sharjah National Oil Corporation, a longstanding Petrofac client that we have worked with successfully for many years. The award is important strategically as EPS looks to develop its track record in smaller greenfield and brownfield EPC projects. It also leverages Petrofac’s best-in-class expertise and experience in upstream gas and represents another win in one of our core markets of Sharjah and the UAE. We look forward to delivering a safe and successful project for SNOC.”
Petrofac has been present in the UAE since 1991. The Group employs around 3,000 people in country, many of whom are based at Petrofac’s major operational centre in Sharjah.
Posted: February 18, 2020
PETROFAC AWARDED US$1.65 BILLION CONTRACTS FOR ABU DHABI MEGA PROJECT
Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates.
The engineering, procurement (including novated long lead items), construction, transportation, offshore installation and commissioning contracts are for ADNOC's Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah island and surrounding offshore fields, located around 140 km off the north-west coast of the Emirate of Abu Dhabi.
The first package, valued at US$1.065 billion, is for gas processing facilities at Arzanah island. Under the terms of the 33-month lump-sum contract awarded to Petrofac, the scope of work includes inlet facilities with gas processing and compression units, power generation units, utilities and other associated infrastructure.
For the second package, valued at US$591 million, Petrofac is leading a Joint Venture with SapuraKencana HL Sdn. Bhd. Abu Dhabi. Under the terms of the 30-month lump-sum contract, the scope of work includes three new well-head platforms, removal and replacement of an existing topside, new pipelines, subsea umbilicals, composite and fibre optic cables.
The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC's strategic objective of enabling gas self-sufficiency for the UAE.
George Salibi, Chief Operating Officer - Engineering & Construction, commented: "Petrofac has a strong track record in the UAE, with a presence here since 1991 and around 3,000 staff in country. We are fully committed to supporting continued and sustainable investment in Abu Dhabi's oil and gas industry through our strategic focus on maximising local delivery, and are pleased that our approach will generate substantial In-Country Value for the local economy. These latest contract awards build on our existing relationship with ADNOC Group companies and we look forward to delivering this mega project in a safe, successful and sustainable manner."
Established in the UAE in 1991, with operational centres in Abu Dhabi and Sharjah, Petrofac has executed 11 major EPC projects in-country to date. Recent projects include the Upper Zakum UZ750 project, Qusahwira Field Development Phase II, the Satah Al Razboot (SARB) Package 3, the contract for expansion of compression facilities at the Bab field and development of the Bab Habshan-1 project.
Opinion: No Opinion
Posted: January 21, 2020
Started 20 January,2020.
For Mention - Case Started 01/11/2019 09:58
For Pre - Trial Review 16/12/2019 09:59
For Trial - Case Started 20/01/2020 10:34
For Trial - Case adjourned until 11:15 20/01/2020 10:53
For Trial - Resume 20/01/2020 12:03
For Trial - Case adjourned until 14:00 20/01/2020 12:27
For Trial - Legal Submissions 20/01/2020 15:05
Trial (Part Heard) - Resume 21/01/2020 10:13
Posted: December 31, 2019
RNS Number : 3737Y
31 December 2019
31 December 2019
PETROFAC SECURES US$130 MILLION IN PDO AWARDS
Petrofac announces today a new contract and the award of an additional scope of work with Petroleum Development Oman (PDO), with a combined value of approximately US$130 million.
The new contract award, under a 10-year Framework Agreement signed in 2017 with PDO, is an Engineering, Procurement and Construction Management (EPCM) services contract for the Mabrouk North East Development Project in Oman.
The full field development of Mabrouk North East field is planned to be executed in a phased approach. The 34-month project scope awarded involves the development of 16 gas producing wells and export of the production to the Saih Rawl Central Processing Plant. The project will be integrated with the Mabrouk North East Line Pipe Procurement Project, which was awarded to Petrofac in June 2019.
The other scope of work awarded is to provide further services for PDO's Yibal Khuff Project. This 20-month contract includes detailed Engineering, Procurement, and support for Construction and Commissioning of nine additional wells to improve overall plant production, and laying of gas pipeline from Yibal "A" to the main processing facility.
The Yibal Khuff Project, originally awarded to Petrofac in June 2015, is already in an advanced phase of construction and pre-commissioning, and the delivery of additional wells is to be synchronised for overall readiness.
Elie Lahoud, Group Managing Director, Engineering & Construction said: "This latest project award under the long-term framework agreement with PDO for Mabrouk North East, and additional scope of work for the Yibal Khuff Project, both further underpin our significant track record and commitment to delivering value in Oman. Our focus will remain on safe operations and maximising in-country value through the continued development of local workforce competence and strong supply chain partnerships."
Posted: December 19, 2019
I Bought a 5000 tranche at 379.524p and a 2943 tranche at 378.6985p
Posted: December 16, 2019
Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of Azerbaijan (SOCAR), has secured a Project Management Services contract to support BP’s operations in Azerbaijan and Georgia.
The three-year contract will support both onshore and offshore activity for BP operated projects in the Caspian Sea area including Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC), South Caucasus Pipeline (SCP) and Western Route Export Pipeline (WREP).
Mani Rajapathy, Managing Director, Petrofac EPS East, commented:
"We continue to expand our service offering in the region with our key partner SOCAR. Petrofac has been active in Azerbaijan for over 15 years, providing skills development opportunities and services across the country’s oil and gas and petrochemical industries, so this award further underpins our international presence. We have worked with BP previously in the region and we are well positioned and committed to providing safe, reliable and efficient support in the delivery of their significant projects moving forwards in Azerbaijan and Georgia."
Khalik Mammadov Vice President, SOCAR, said:
"We have established a successful partnership with Petrofac that continues to flourish, the Joint Venture combines our respective experience, local knowledge and depth of capabilities. I am delighted with this latest award to support BP in the Caspian region, which has become one of the major oil and gas producing areas in the world."
Posted: December 12, 2019
Petrofac has secured two new Framework Agreements (FAs) for the provision of Engineering, Procurement, Construction and Commissioning (EPCC) services.
The first, a three-year FA awarded by EnQuest as part of a multi-contractor framework, covers EPCC services across the Operator’s North Sea and onshore asset base.
The second EPCC FA, awarded by a Southern North Sea Operator, is for an initial two-year period with options to extend.
Petrofac has now secured seven such frameworks in the UK in 2019, demonstrating its continued focus on the growth of its brownfield projects business.
Future work undertaken through the frameworks will be supported by Petrofac’s Aberdeen office, where the company is actively investing in its engineering team and brownfield management system in support of its ongoing digitalisation strategy.
Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services business in the Western Hemisphere said:
"In a mature basin like the UKCS, technical certainty and predictable delivery are critical success factors. The award of these FAs recognises our ability to combine our extensive engineering and construction expertise and offshore operations experience to drive repeatable project outcomes.
We very much look forward to building on the success of our existing relationship with EnQuest by safely supporting it to enhance recovery and extend field life in the North Sea."
Posted: December 11, 2019
Petrofac’s Engineering and Production Services division (“EPS”) has signed a well management contract under Maersk Drilling’s master alliance agreement with Seapulse Ltd, a global exploration company.
Under its alliance with Seapulse, Maersk Drilling is responsible for providing fully integrated drilling services, including provision of drilling rigs and all related services for a global offshore oil and gas exploration programme. Petrofac has been appointed by Maersk to deliver well management services, including project and supply chain management support for shallow water and deepwater wells throughout the duration of the programme. Maersk has also appointed Halliburton to deliver integrated well services.
Two wells in the UK North Sea have previously been announced as part of the work scope which is expected to start drilling in the second half of 2020. A tailor-made process covering all phases in the end-to-end delivery of a well has been developed with the aim to maximise efficiency and remove waste through a novel approach to collaboration in the industry.
Nick Shorten, Managing Director for Petrofac Engineering and Production Services, Western Hemisphere, commented: “Building our well engineering business is a key element of our stated strategy to position EPS for growth in new markets. The aims of the Maersk Drilling and Seapulse alliance closely align with our own operating principles and we are delighted to be part of this exciting global supply chain collaboration. We very much look forward to working with all parties to deliver effective and technically robust campaigns.”
Morten Kelstrup, COO of Maersk Drilling, said: “We’re thrilled to join forces with Petrofac and Halliburton for this programme which breaks new ground in the industry by using a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain. Petrofac and Halliburton bring strong operational expertise and decades of experience in delivering and integrating oilfield services, which will further contribute to the ability to mitigate the operator cost risk associated with exploration drilling whilst we foster new ways of collaborating across the supply chain.”
Scott Aitken, CEO and co-founder of Seapulse, added: “We are very pleased to see the well delivery model that we have entered into with Maersk Drilling continue to mature with world-class partners. The Seapulse business model leverages Maersk Drilling’s partnerships’ technological and operational expertise to drill and test a statistically relevant exploration portfolio of a scale normally only associated with major oil companies.”