Petrofac Secures $400m UK Offshore Work

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Petrofac Secures $400m UK Offshore Work

Petrofac has been supporting the UK Continental Shelf (UKCS) for more than 20 years, working in collaboration with its customers to drive efficiencies and generate maximum value across their operations.

Petrofac’s flexible commercial models are designed to support its customers’ long-term objectives and enable the delivery of production and operational improvements, whilst maintaining safety performance.

This approach has resulted in the business securing recent contract extensions from its customers on the UK Continental Shelf (UKCS), worth approximately US$400 million.

Petrofac has recently secured a two year extension from Centrica Storage Limited to its Services contract on the 8A platform in the Rough field which will commence in January 2016.

It has also secured a five-year contract extension from EnQuest, combining the services of an existing Facilities Management Agreement that will see Petrofac continue as Duty Holder of the Kittiwake platform, with a brownfield engineering modifications contract. Petrofac will apply its significant experience of operating the Kittiwake asset throughout the previous decade to generate further efficiencies and savings that in turn will create a self-funding profit mechanism for the business and will deliver additional value to EnQuest.

Walter Thain, Managing Director, Petrofac Offshore Projects & Operations said: “We’ve enjoyed productive and long-standing relationships with our customers in the UKCS and these contracts are a great demonstration of how we can continue to work in partnership to efficiently deliver in line with their individual business and operational needs and our own standards.”

This is the second round of UKCS renewals announced by Petrofac, with the award earlier this year of a number of operations and maintenance contracts, worth US$400 million, from customers including CNRI and Eni.

Source: www.petrofac.com

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Initial Considerations

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Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

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Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.