Petrofac, the leading international service provider to the energy industry, has been awarded a three-year contract extension from Neptune Energy valued in the region of US$14 million.

The renewal, which comes into effect on 1 January 2022, includes provision of operations and maintenance services for Neptune Energy’s Cygnus Alpha platform in the Southern North Sea. The contract incorporates options to extend its term.

Petrofac began working on the pre-operational phase of Cygnus – the largest gas field discovery in the Southern North Sea for 30 years – in 2011. Today, in addition to its operations and maintenance services contract, Petrofac provides engineering services and emergency response support to Neptune Energy.

Chief Operating Officer Nick Shorten said: "People power our delivery. Our support of Neptune Energy, like many of our North Sea clients, focuses on the provision of skilled personnel who work hard to drive value through safe and efficient operations. The renewal of this long-standing contract recognises the commitment and expertise of our team, and the knowledge they have built of the asset. What better way to celebrate ten-years supporting the Cygnus field."

Cygnus is a crucial component of the UK North Sea energy infrastructure, capable of producing approximately 6% of UK domestic gas demand.

Neptune Energy’s UK Managing Director, Alexandra Thomas, said: “Petrofac has been an integral part of the team at Cygnus over the past decade. The awarding of this contract extension ensures we retain skilled personnel with in-depth knowledge of the asset and underlines our commitment to strengthening our relationships with service partners.”

About Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world’s leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac’s range of services meets its clients’ needs across the full life cycle of oil and gas assets.

With around 11,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. The business had production of 142,000 net barrels of oil equivalent per day in 2020 and 2P reserves at 31st December 2020 of 601 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.