Petrofac Production signs preoperatorship agreement with Paladin
Aberdeen-based Petrofac Production Services (PPS) inked a preoperatorship agreement with Paladin Expro Ltd.a wholly owned unit of London-based Paladin Resources PLCunder which Petrofac will assume the operatorship of the Montrose and Arbroath production platforms in the central North Sea.
By OGJ editors
HOUSTON, Dec. 17 -- Aberdeen-based Petrofac Production Services (PPS) inked a preoperatorship agreement with Paladin Expro Ltd.—a wholly owned unit of London-based Paladin Resources PLC—under which Petrofac will assume the operatorship of the Montrose and Arbroath production platforms in the central North Sea.
If approved, the contract will mark the first time a facilities management company has taken on this role for fixed platforms in the North Sea, Petrofac said.
"The contract with Paladin, under which Petrofac will become the duty holder on these fixed UK North Sea platforms, is the next milestone both for the development of our company and for the North Sea," said Jim Atack, managing director of PPS in Aberdeen.
Petrofac Ltd. recently acquired PPS (formerly PGS Production Services) from Petroleum Geo-Services ASA.
Paladin Expro, meanwhile, signed a sale and purchase agreement to acquire a majority shareholding in the Montrose, Arbroath, and Arkwright fields from BP PLC and Amerada Hess Corp. and will become the license operator, subject to the proper approvals. Paladin has entered into an alliance with Petrofac and Helix RDS Ltd., Aberdeen, to operate the fields.
Under the alliance, Petrofac will oversee the operation of the production facilities, Helix RDS will provide reservoir and well management, and Paladin will head up the overall control of all activity within the license area, the companies said.
Currently, Petrofac supports the operation of about 20 fields for a number of companies.