Petrofac wins North Sea contract

Petrofac has won a contract to operate a cluster of North Sea oil and gas fields for a new Malaysian investor.

The five-year deal, worth $250m (£174m), is for the Anasuria cluster, including the Teal and Guillemot fields.

The assets were bought from Shell and Esso last year by two companies based in Malaysia - Hibiscus Petroleum and Ping Petroleum.

They paid $105m (£73m) and have 50% each.

They have formed a joint venture known as Anasuria Operating Company (AOC).

Petrofac, a specialist oilfield services company, has won the contract to run the full range of operations in the cluster of fields, also including a 39% stake in the Cook field. They lie about 175km (109 miles) east of Aberdeen.

That is expected to secure 65 jobs, as workers are transferred across to Petrofac.

'Positive development'

Walter Thain, of Petrofac, said: "AOC's acquisition of the Anasuria cluster is really an investment in the future of the North Sea, and it is a positive development for our industry during these challenging times.

"We aim to support AOC as they work to realise their vision for Anasuria to increase production and extend the life of field."

Earlier this week, another major North Sea oilfield services company released figures reflecting the damage done by the fall in oil price.

Amec Foster Wheeler, which operates in 55 countries, reported a loss of £235m last year, after reducing the valuation of some assets. That followed a £155m profit in 2014.

The division including Northern Europe, the North Sea and Russia saw revenue fall 12% to £1.5bn.

Its acting chief executive, Ian McHoul, emphasised that Amec Foster Wheeler was focused on cutting costs and reducing debt, partly through selling some non-core assets.