News
December
- Petrofac Awarded US$280 Million Offshore Contract by Petronas in Malaysia30 December 2010
- Petrofac to Commence US$3.4 Billion Second Phase of Turkmenistan Contract22 December 2010
- Trading Update17 December 2010
- Petrofac Acquires Interest in UK Gas Storage Company6 December 2010
- Petrofac Emirates Achieves Independent Certification to ISO 90015 December 2010
November
- Strategic Alliance with Seven Energy25 November 2010
- SPD Completes Multi-Well, Multi-Customer Management Programme in UK North Sea18 November 2010
- Petrofac Awarded £40 Million North Sea Engineering Services Contract by Maersk Oil12 November 2010
- Petrofac First to Attain Approval for New OPITO Major Emergency Management Course1 November 2010
October
- Petrofac Awarded Gas Plant Contract with Total27 October 2010
- Interim Management Statement21 October 2010
- Petrofac Employees Support Pakistan Flood Victims21 October 2010
- Petrofac to provide Duty Holder Services for Sharjah Government11 October 2010
- Petrofac Creates New National Training Centre for Syrian Arab Republic7 October 2010
- Petrofac and Shell Agree Partnership for North Sea CCS Project4 October 2010
August
July
June
May
April
- Petrofac Acquires CO2 Storage Business27 April 2010
- Petrofac Secures New North Sea Contract with Britannia26 April 2010
- Petrofac Athletics League begins new season23 April 2010
- Completion of the Demerger of the UK Continental Shelf Oil & Gas Assets of Petrofac Energy Developments6 April 2010
- Petrofac Acquires Metering Specialist1 April 2010
March
- SPD Commences Multi-well, Multi-customer Manangement Programme in UK North Sea30 March 2010
- Petrofac Wins Qatar Petroleum Contract Worth More Than US$600 Million29 March 2010
- Petrofac Helps Aberdeen School Raise More Than £7,000 at Annual Dinner Dance26 March 2010
- Eclipse Petroleum Technology Signs Agreement with Weatherford to Enhance and Distribute PetroAtlas22 March 2010
- Final Results for the Year Ended 31 December 20098 March 2010
- Directorate/Board Committee Changes8 March 2010
- Petrofac Begins Pipeline Export and Production from Don Southwest Sidetrack5 March 2010
- Proposed Demerger of the UK Continental Shelf oil & gas assets of Petrofac Energy Developments to create EnQuest PLC4 March 2010
- Circular posted to Shareholders4 March 2010
January
Petrofac Acquires Interest in UK Gas Storage Company
6 December, 2010
Petrofac, the international oil & gas facilities service provider, announces that it has acquired a 20% interest in Gateway Storage Company Limited (Gateway), to progress and develop the Gateway Gas Storage project in the East Irish Sea. The cash consideration could be up to £33 million over time, funded from cash resources. This is split into a fixed upfront payment and additional contingent payments subject to key project development milestones being achieved, including the outcome of a further successful equity sales process.
Petrofac will join Gateway as the technical project operator, jointly responsible for developing the project, and will be represented on Gateway’s Board. The front end engineering and design (FEED) phase of the project is nearing completion and the focus is now turning to project execution and finalisation of the consortium of storage capacity holders and investors to develop the project towards the final investment decision in 2011.
The Gateway Storage project, which would add nearly 30% to the current gas storage capacity in the UK market, secured the first Gas Storage Licence from the UK Department of Energy & Climate Change in February 2010 after receiving the main planning and environmental consents and permits in late 2008. Gateway is targeting 2016 for the commencement of storage services to the UK energy markets.
Rob Jewkes, managing director, Petrofac Energy Developments commented: “Petrofac is pleased to join with Gateway to progress this strategically important and well advanced storage project. With FEED activities largely complete, we are entering the project at this stage to bring confidence to the investor group that execution and delivery objectives for the complete facilities can be met, and will utilise the full capabilities of our group to optimise the facility design and deliver the project.”
George Grant, chairman of Gateway Storage Company Limited said: “Gateway is the most advanced gas storage project in the UK that has not yet committed to construction, so we are delighted to have an organisation with the execution and operational track record of Petrofac to take the project forward through to financing and into construction. As one of the world’s leading service providers to the oil & gas industries, Petrofac’s experience will be invaluable in realising the project’s significant and strategic benefits to the UK and Irish energy markets.”
As at 31 March 2010, Gateway had gross assets of approximately £19 million and reported a loss after tax for the year ended 31 March 2010 of approximately £3 million. Gateway’s directors are led by George Grant and Andrew Stacey of Stag Energy Development Company Limited, which manages the project on behalf of the shareholders. The development and operation of the Gateway Gas Storage project is the principal activity of Gateway.