BP Extends Petrofac's (POFCY) Contract for North Sea Operations [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
Petrofac has stated that it would be rendering maintenance and engineering services BP's oil and gas assets in the U.K. North Sea. The services will be provided under the terms of a multi-million-dollar deal spanning three years. Petrofac has worked with BP for 15 years in the North Sea. It perceives the contract extension as a testament to its commitment to delivering on its shared goals of enhanced efficiency and asset life extension. BP currently operates the Clair Phase One project, Clair Ridge, Glen Lyon, the currently shut down Foinaven field, Eastern Trough Area Project or ETAP, and Andrew, in the North Sea. The energy supermajor also has non-operated interests in the Central North Sea, including TotalEnergies Culzean development and Ithaca Energy's Vorlich field. The contract extension further builds on the multi-year relationship between the two companies. Petrofac had also secured another contract with BP outside the North Sea. In January 2024, the company had been hir
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