Petrofac signs pre-operatorship agreement

    Dec. 12, 2002
    Petrofac Production Services has entered into a pre-operatorship contract to assist Paladin Expro Ltd. in taking the operatorship of the Montrose and Arbroath production platforms in the UK North Sea. Paladin has signed a sale and purchase agreement to acquire a majority shareholding in the Montrose, Arbroath, and Arkwright fields from BP and Amerada Hess, and, subject to regulatory and joint venture partner approvals, will become the license operator.

    Petrofac Production Services has entered into a pre-operatorship contract to assist Paladin Expro Ltd. in taking the operatorship of the Montrose and Arbroath production platforms in the UK North Sea.
    Paladin has signed a sale and purchase agreement to acquire a majority shareholding in the Montrose, Arbroath, and Arkwright fields from BP and Amerada Hess, and, subject to regulatory and joint venture partner approvals, will become the license operator. Paladin has entered into an alliance with Petrofac and Helix RDS to operate the fields.
    On completion of the acquisition, and subject to regulatory and joint venture partner approvals, Petrofac will act as duty holder on the platforms on behalf of Paladin. If approved, this will be the first time a facilities management company has taken on this role for fixed platforms in the North Sea.
    Under the alliance, Petrofac will be responsible for the safe and effective operation of the production facilities. Helix RDS will provide reservoir and well management, with Paladin responsible for the overall control of all activity within the license area.
    Currently Petrofac supports the operation of 20 fields for its clients. Petrofac is also the duty holder of the Northern Producer floating production facility, operating on ChevronTexaco's Galley oil field since 1997.
    12/12/02

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