Venture Extends Contract with Petrofac

Petrofac, the international oil & gas facilities service provider, announces that it has been awarded a two-year extension of its existing duty holder contract with Venture Production plc (‘Venture’). The extension will commence in November 2008 when the current contract is to be renewed. The value of the contract is circa £20 million per annum.

Petrofac has been duty holder on Venture’s Kittiwake platform since 2004. During this time Petrofac has worked closely with Venture on a number of key projects. These include replacement of the offloading system with a more environmentally friendly system; installation of additional subsea tie-backs to the existing equipment; and, in November 2007, Petrofac Brownfield completed significant new topside modifications on the installation.

Safety performance on the Kittiwake has continued to improve, with the platform recently achieving the milestones of two years without a lost time incident (LTI) and one year with no recordable injuries. These are remarkable achievements, considering the level of activity expended during this time.

Steve Bullock, VP operations management for Petrofac Facilities Management said: “We are delighted that the contract extension with Venture has been agreed. This announcement enhances Petrofac’s long-standing relationship with Venture and demonstrates our strong track record. We worked closely with Venture to ensure an effective transition phase of Kittiwake, and have subsequently delivered a demonstrably successful transformation of the asset. This illustrates Venture’s expertise and successful investment strategy, along with Petrofac’s strong support as duty holder, which have delivered success for Venture and its partners.”