EnerMech Scores Project Work for Perenco Facility

- EnerMech Scores Project Work for Perenco Facility

Friday, August 12, 2011
EnerMech Ltd.

EnerMech has been awarded a turnkey shutdown project by Perenco for its A1 plant at the Bacton gas facility in Norfolk.

The mechanical engineering specialist will play a lead role in the entire shutdown and isolation of the plant as it is removed from service for integrity inspections and additional upgrade work.

EnerMech will assist Perenco staff to isolate and drain the plant before it is handed over for nitrogen purging and the cleaning of all vessels and pipe work to allow safe entry by inspectors.

On satisfactory completion of the work scope, all vessels and pipe work will be returned to Perenco, fully re-assembled and nitrogen leak tested and processing equipment will be dried with nitrogen on reinstatement.

EnerMech will also provide all associated consumables, scaffolding, painting, grit blasting and lagging requirements on project, which is expected to last up to three months and will be managed from EnerMech's Great Yarmouth base.

Thomas Smith, EnerMech business development manager, said, "We have previously provided training services for Perenco but this is the first process and pipeline workscope we have been awarded.

"The award strengthens our growing reputation in the UK and southern North Sea as a leading provider of pre-commissioning and pipeline integrity services and it gives us a base to develop our other business lines throughout the area."

The Perenco contract is the latest of a number of awards secured by EnerMech following the recent £20 million investment in launching a new Process, Pipelines and Umbilicals division.

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BP Sells Stakes in UK Fields to Perenco

- BP Sells Stakes in UK Fields to Perenco

Tuesday, May 17, 2011
BP plc

BP has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields to Perenco UK Ltd ('Perenco') for up to $610MM in cash. The price includes $55MM contingent on Perenco's future development of the Beacon field and on oil prices in 2011-13.

The sale of these interests is part of BP's plan, announced in July 2010, to divest up to $30 billion of assets by the end of 2011. Before today's agreement, BP had already announced sales agreements totaling around $25 billion.

BP group chief executive Bob Dudley said, "Today's agreement brings us even closer to the target of $30 billion of divestments by year end that we set out last summer. It demonstrates that we do have assets of quality that other operators see as more strategically valuable to them than to BP, thus unlocking value for our shareholders."

An immediate payment of $500MM has been made, a further $55MM will be paid on completion which is expected at the end of 2011 with the remaining $55MM contingent on submission of the Beacon field development plan and oil prices. Completion of the sale is subject to partner preemption rights and a number of third party and regulatory approvals.

The divestment of Wytch Farm is an outcome of BP's strategic aim in the UK to invest in a more focused North Sea business portfolio in the northern North Sea, central North Sea, West of Shetland and Norway.

Trevor Garlick, regional president for BP North Sea, said, "The North Sea Region is a very important area for BP and we will sustain a significant business here for the long term. We are currently investing around $4B per annum of capital and operating expenditure, which includes four major new field development projects in the UK and two in Norway."

It is expected that impacted BP employees based at Wytch Farm will transfer with the asset to Perenco.

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BP Sells Stake in North Sea Fields to Perenco

- BP Sells Stake in North Sea Fields to Perenco

Tuesday, May 17, 2011
BP plc

BP has agreed to sell its interests in the Wytch Farm, Wareham, Beacon and Kimmeridge fields to Perenco UK Ltd ('Perenco') for up to $610MM in cash. The price includes $55MM contingent on Perenco's future development of the Beacon field and on oil prices in 2011-13.

The sale of these interests is part of BP's plan, announced in July 2010, to divest up to $30 billion of assets by the end of 2011. Before today's agreement, BP had already announced sales agreements totaling around $25 billion.

BP group chief executive Bob Dudley said, "Today's agreement brings us even closer to the target of $30 billion of divestments by year end that we set out last summer. It demonstrates that we do have assets of quality that other operators see as more strategically valuable to them than to BP, thus unlocking value for our shareholders."

An immediate payment of $500MM has been made, a further $55MM will be paid on completion which is expected at the end of 2011 with the remaining $55MM contingent on submission of the Beacon field development plan and oil prices. Completion of the sale is subject to partner preemption rights and a number of third party and regulatory approvals.

The divestment of Wytch Farm is an outcome of BP's strategic aim in the UK to invest in a more focused North Sea business portfolio in the northern North Sea, central North Sea, West of Shetland and Norway.

Trevor Garlick, regional president for BP North Sea, said, "The North Sea Region is a very important area for BP and we will sustain a significant business here for the long term. We are currently investing around $4B per annum of capital and operating expenditure, which includes four major new field development projects in the UK and two in Norway."

It is expected that impacted BP employees based at Wytch Farm will transfer with the asset to Perenco.

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ASCO Awarded Contract Extension from Perenco

ASCO Awarded Contract Extension from Perenco

Thursday, April 07, 2011

ASCO

ASCO UK announced the award of a 5-year contract extension from Perenco UK.

The contract is worth around £21.5million and covers logistics, transport, fuel and port services for Perenco's Southern North Sea operations in Great Yarmouth and its Northern North Sea ports in Aberdeen and Peterhead.

Derek Smith, Chief Executive Officer of ASCO's Europe, Middle East and Africa region, commented, "We're very pleased to have developed a long-standing relationship with Perenco and the award of this 5-year contract extension is testament to the safe, efficient, innovative and collaborative logistics service we have provided them so far."

Roger Everitt, ASCO's Southern North Sea Managing Director, continued, "We're delighted that the new contract will involve the addition of Aberdeen and Peterhead locations, supporting Perenco's continued North Sea expansion plans over the coming years. We very much look forward to working closely with Perenco in support of these plans."