We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Petrofac to collaborate on global wells programme
Petrofac’s Engineering and Production Services division (“EPS”) has signed a well management contract under Maersk Drilling’s master alliance agreement with Seapulse Ltd, a global exploration company.
Under its alliance with Seapulse, Maersk Drilling is responsible for providing fully integrated drilling services, including provision of drilling rigs and all related services for a global offshore oil and gas exploration programme. Petrofac has been appointed by Maersk to deliver well management services, including project and supply chain management support for shallow water and deepwater wells throughout the duration of the programme. Maersk has also appointed Halliburton to deliver integrated well services.
Two wells in the UK North Sea have previously been announced as part of the work scope which is expected to start drilling in the second half of 2020. A tailor-made process covering all phases in the end-to-end delivery of a well has been developed with the aim to maximise efficiency and remove waste through a novel approach to collaboration in the industry.
Nick Shorten, Managing Director for Petrofac Engineering and Production Services, Western Hemisphere, commented: “Building our well engineering business is a key element of our stated strategy to position EPS for growth in new markets. The aims of the Maersk Drilling and Seapulse alliance closely align with our own operating principles and we are delighted to be part of this exciting global supply chain collaboration. We very much look forward to working with all parties to deliver effective and technically robust campaigns.”
Morten Kelstrup, COO of Maersk Drilling, said: “We’re thrilled to join forces with Petrofac and Halliburton for this programme which breaks new ground in the industry by using a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain. Petrofac and Halliburton bring strong operational expertise and decades of experience in delivering and integrating oilfield services, which will further contribute to the ability to mitigate the operator cost risk associated with exploration drilling whilst we foster new ways of collaborating across the supply chain.”
Scott Aitken, CEO and co-founder of Seapulse, added: “We are very pleased to see the well delivery model that we have entered into with Maersk Drilling continue to mature with world-class partners. The Seapulse business model leverages Maersk Drilling’s partnerships’ technological and operational expertise to drill and test a statistically relevant exploration portfolio of a scale normally only associated with major oil companies.”
Friday sp movement not helped by Jeffries downgrade to hold, which will be water under the bridge by Monday ...
"Not a fantastic market reaction."
well they are only at the "gauging investor interest" level
the US Non-Farm Payroll numbers and OPEC decision has certainly created a positive reaction....
May see further gains next week
plus
" Kudlow says a trade deal is close, but Trump is prepared to ‘walk away’ if some conditions not met " - cnbc
so...all to play for
Not a fantastic market reaction.
It seems that PFC are fairly quiet on the contracts front and so we have had little movement on the SP.
I think the days of 100 - 200p swings over a few months are long gone.
This seems to be the new reality, baring external influences.
Petrofac Considers Offshore Oil Asset Sale in Malaysia
By Elffie Chew and Manuel Baigorri
December 6, 2019, 1:59 AM GMT Updated on December 6, 2019, 10:43 AM GMT
The firm has started gauging investor interest for the asset
Planned sale part of Petrofac’s strategy to stay asset light
Petrofac Ltd., the U.K.-listed oilfield service provider, is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.
The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304, one of the people said.
Petrofac is the latest oil company looking to monetize its investments in Malaysia. Exxon Mobil Corp. is considering a sale of its offshore assets in the Southeast Asian nation which could raise as much a $3 billion, Bloomberg News reported in October, while Murphy Oil Corp. in March agreed to sell its portfolio in Malaysia for $2.13 billion.
Shares of Petrofac fell as much as 1.8% in early London trading on Friday.
Malaysia is an operational center for Petrofac in Asia Pacific, according to the company’s website. Besides the offshore oil field, it recently completed an engineering, procurement, construction and commissioning contract worth more than $500 million for a refining project in the state of Johor.
Petrofac’s plan is to remain a cost-efficient, capital-light business in 2019 after several divestments last year, its Chief Executive Officer Ayman Asfari said in an annual report. In 2018, the company raised $800 million via the sale of non-core assets that includes its interests in the Greater Stella Area development in the North Sea and stakes in its Mexico operations and in Chergui asset in Tunisia.
Petrofac has projects in 29 countries, its website shows. The British firm is looking to raise cash and to further strengthen its balance sheet through a transaction in Malaysia, the people said.
Sale deliberations are still ongoing and may not necessarily result in a deal, said the people. A representative for Petrofac said the company doesn’t comment on market rumor.
https://uk.finance.yahoo.com/news/petrofac-considers-offshore-oil-asset-015915011.html
Malaysia has the best quality oil in the world.