Ithaca Energy Awards Petrofac a 5-Year North Sea Services Contract

September 15, 2020

FPF-1 / Credit: Ithaca Energy

FPF-1 / Credit: Ithaca Energy

The North Sea-focused oil company Ithaca Energy has signed a 5-year Integrated Services Contract with oilfield services provider Petrofac.

Under the contract, Petrofac will provide engineering, construction, maintenance, and offshore manning provision across all of Ithaca Energy’s North Sea operated assets. 

In connection with the implementation of the new services contract, Ithaca Energy said it has made the strategic decision to become “duty holder” for the FPF-1 floating production facility.

The FPF-1 is located in Block 30/6a and serves the Ithaca-operated Greater Stella Area production hub.

Bill Dunnett, Chief Executive Officer, Ithaca Energy, said: “The breadth of this agreement is an excellent example of the long-standing collaboration between Ithaca Energy and Petrofac, which is designed to realize economies of scale, maximizing the value and potential of our assets.

“It provides the opportunity to drive further efficiencies and leverage our in-house capabilities through the transfer of the FPF-1 duty holder. Our continued strong partnership with Petrofac is key in delivering safe, simplified and streamlined operations.”

In the UK North Sea, Ithaca Energy has working interests in 18 offshore producing fields, including seven operated fields and eleven non-operated fields. Ithaca Energy’s net daily production in 2019 averaged 75,000 barrels of oil equivalent.