Petrofac and Storegga enter strategic Alliance to fast-track net zero infrastructure
Petrofac, the leading international service provider to the energy sectors, has entered a global Technical Delivery Alliance (“TDA”) with Storegga, an independent UK company pioneering carbon reduction and removal for a net zero world.
Under the Alliance, Petrofac will provide capabilities, people, processes and systems to reinforce the technical development and management of Storegga’s growing portfolio. This support will both accelerate and de-risk Storegga’s low carbon initiatives.
The TDA enables Petrofac and Storegga to combine their respective strengths; Petrofac as an established global engineering, project delivery and operations company providing life-of-asset solutions, and Storegga as a well-funded independent with proven, entrepreneurial development skills.
Today’s announcement builds on a previous Memorandum of Understanding, which positioned Petrofac and Storegga to collaborate on areas of business development. The strategic TDA enables infrastructure development, execution and operation; reinforcing Storegga’s operating capability and ambition to expand its portfolio in the fast-moving low carbon energy transition.
With an extendable multi-year term and global remit, this partnership is anticipated to make a major contribution to delivering the 2030 and 2050 emission reduction targets here in the UK and internationally.
John Pearson, Chief Operating Officer of New Energy Services at Petrofac, said:
Achievement of the UK’s Net Zero ambition is very much contingent on the supply chain’s ability to fast track project delivery. Through this innovative industry Alliance, we will have the strengths and capabilities required to execute those projects and drive the transition. By developing capacity early, and anchoring jobs to the UK, the alliance will ultimately support future export potential.
We are thrilled to build on our existing relationship with Storegga, in support of each company’s stated growth ambitions in the new energy sector.
Nick Cooper, CEO Storegga said:
Storegga has greatly benefited from close cooperation with Petrofac to date. The Technical Delivery Alliance marries Petrofac’s world class engineering, project delivery and operational expertise to Storegga’s project development capability. These collaborative working practices are essential to fast-track delivery of critical net zero infrastructure.
The alliance will progress net zero projects from initial concept, through development, to full operations. Storegga’s mission is to rapidly deliver world scale carbon reduction and carbon removal projects at the pace so urgently needed.