UK-headquartered oilfield services provider Petrofac has secured a contract extension in the North Sea, which will enable it to keep working for a subsidiary of Shell, a compatriot energy giant.
This extension in the North Sea market enables Petrofac to continue its work in the UK’s Southern North Sea with ONEgas West, Shell’s UK-operated venture.
John Pearson , Chief Operating Officer of Petrofac’s Asset Solutions and Energy Transition Projects businesses, commented: “Having supported these assets since 2020, Petrofac is embedded within the delivery team and is uniquely placed to support production enhancement and field life extension.
“The North Sea remains one of Asset Solutions’ core markets and this award demonstrates confidence held in our team and the value they drive. We look forward to continuing this relationship, delivering safe and reliable operations.”
As a result, the company will keep providing services across ONEgas West’s Southern North Sea portfolio, supporting the Clipper South complex , Leman Alpha assets, Bacton Terminal , and OneGas Barge campaigns.
This comes shortly after Petrofac reached an agreement in principle with Samsung E&A and Saipem regarding their claims related to the Thai Oil project, which will enable the restructuring to proceed upon conclusion of discussions with key stakeholders on the next steps toward implementation.
Subject to receipt of all requisite approvals and satisfaction of conditions, the restructuring is expected to be completed by the end of November 2025. During the first quarter of 2025, Petrofac landed contracts worth $500 million for late-life asset management, decommissioning, and integrated services.
These deals are anticipated to pave the way for further growth in Asset Solutions’ core markets and target geographies, encompassing the UK, Europe, the Middle East, Africa, Asia Pacific, and the U.S.