Petrofac, a leading provider of services to the global energy industry, has been awarded an extension to its integrated services contract with NEO Energy.

The life of field extension, worth £250 million, will see Petrofac continue to deliver operations, maintenance, engineering and construction support for NEO Energy’s UKCS-based floating production storage offtake (FPSO) vessel, Global Producer III (GPIII).

Current forecasts expect the asset to remain fully operational until at least 2026 when it is due for its next reclassification by DNV. In parallel, both NEO Energy and Petrofac are working hard to further extend field life beyond this date.

Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business, said:

“Our partnership with NEO Energy has seen us collectively overhaul production efficiency, maintenance execution and safe operations. Our proven approach to late life asset transformation, including a robust programme of continuous improvement and deployment of digital tools, has again played out to significantly extend asset life.”
Today's announcement builds on Petrofac's proven track record of supporting NEO Energy since 2020 with operations, maintenance, engineering and construction under our integrated delivery model. This is in addition to Well Management and Well Operator support for 25 wells across four fields in the Central North Sea UK, which was extended for five years in 2022.

About Petrofac

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies. Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world’s evolving energy needs. Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 8,500 employees based across 31 offices globally.

About NEO Energy

NEO Energy is an independent full-cycle North Sea operator in the UK Continental Shelf backed by HitecVision. NEO is focused on combining value creation from the prospective North Sea basin with high Environmental, Social and Governance standards.