Petrofac Nets BP GTA Deal

Petrofac (LON: PFC) has announced that it has secured a contract with BP (NYSE: BP) to develop operational procedures for its Greater Tortue Ahmeyim (GTA) Project in Mauritania and Senegal.

The procedures are centered on minimizing risk and harm to personnel, plant, and the environment, and will encompass all offshore operations, including subsea, floating production storage, and offloading (FPSO) and hub, Petrofac revealed.

“BP is an important longstanding client and we look forward to supporting them in operating safely and responsibly in their delivery of the GTA Phase 1 Project, which is creating a new liquified natural gas (LNG) hub in Africa,” Steve Webber, Petrofac’s senior vice president of operations, said in a company statement posted on Petrofac’s website.

Petrofac highlighted that the Tortue/Ahmeyim gas field has estimated resources of 15 trillion cubic feet of gas. The field is located offshore on the border between Mauritania and Senegal.

Last month, Petrofac announced the early award of a one year extension to its Integrated Services contract with NEO Energy. The extension, which was awarded eight months ahead of the renewal date, takes Petrofac’s contract for operations, maintenance, engineering, and construction support for NEO Energy’s UK activities through to December 2022.

Back in March, Petrofac’s Engineering & Production Services division secured a one year contract extension worth around $80 million with a “key client” in Iraq. The award was said to be in recognition of Petrofac’s successful eight-year track record of safe delivery as the incumbent operations and maintenance service provider.

Petrofac reported a business performance net profit of $48 million, and a net loss of $180 million post impairments and separately disclosed items, in 2020. This compared to a business performance net profit of $276 million, and a reported net profit of $73 million, in 2019.

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