Petrofac Secures Five Year Duty Holder Deal

Published at 10:27AM - 11/03/16

Petrofac secures five year duty holder deal for the Anasuria cluster of assets in the UK sector of the North Sea, as Shell and Esso E&P exit the fields.

Announcing the news Friday, Petrofac Managing Director Production, Walter Thain, said: “We are delighted to have completed a successful and safe transition of operations for Anasuria,”

Petrofac Secures Duty Holder Deal

The deal covers the newly acquired North Sea assets of the Anasuria Operating Company (AOC), a new joint venture between Malaysian based companies Hibiscus Petroleum and Ping Petroleum.

The assets have been acquired as part of deal done between the Malaysian pair and both Shell and Esso Exploration and Production; and include the Anasuria FPSO, Teal, Teal South, and Guillemot A fields, together forming the Anasuria cluster

Petrofac will assume full responsibility for the operations for Anasuria, taking on the role of operator for the FPSO all wells and subsea pipelines, starting immediately and lasting for a period of five years.

Petrofac Secures Five Year Duty Holder Deal
Petrofac Secures Five Year Duty Holder Deal

A Petrofac spokesman said: “This approach evolves the outsourced Duty Holder service which Petrofac pioneered in 1997 and will provide an integrated, aligned approach to the operation and development of the cluster.”

Five Year Contract

The deal is set to net Petrofac US$250 million and secure at least 65 positions within the company. Petrofac has said that the majority of its offshore workforce currently employed on the contract are supporting the asset’s transferral process to Petrofac.

Thain said: “We are delighted to have completed a successful and safe transition of operations for Anasuria and to continue to support AOC and help them to make a difference as they take up their first UKCS Operatorship.”

“AOC’s acquisition of the Anasuria cluster is really an investment in the future of the North Sea and it is a positive development for our industry during these challenging times.”

“We aim to support AOC as they work to realise their vision for Anasuria to increase production and extend the life of field.”

Petrofac Anasuria Duty Holder Deal
AOC CEO Phil Oldham and Petrofac MD Production Walter Thain

Adding to Thain’s comments, Hibiscus VP, Mark Paton, added: “We are new entrants to the North Sea but we have experienced people and we aim to bring a fresh perspective along with our investment, to improve asset returns and extend the field life of Anasuria for the benefit of all stakeholders and employees.”

AOC CEO, Phil Oldham, concluded: “The combination of all our experienced teams will enable us to leverage our respective capabilities to overcome the challenges associated with mature assets while adhering to North Sea operating standards.”

“By working collaboratively, we will capture the additional potential from the cluster and extend the value from the existing infrastructure. We are fully committed to achieving safe and efficient operations.”

Last updated on 01:31AM - 13/03/16