Schlumberger and Petrofac Co-operation Agreement
Press Release
05 January 2012
PETROFAC LIMITED
SCHLUMBERGER AND PETROFAC CO-OPERATION AGREEMENT
Companies combine forces to address new market opportunities
Petrofac and Schlumberger announced today that their Integrated Energy Services (IES) and Schlumberger Production Management (SPM) divisions respectively have signed a Co-operation Agreement ('the Agreement') under which these divisions will establish a working relationship to deliver integrated and high-value production projects in the emerging and growing production services and production enhancement market.
Andy Inglis, chief executive, Petrofac IES commented: "Petrofac has always sought to partner selectively with companies that enable us to enhance our service offering to customers, and with Schlumberger we are able to combine our capabilities with those of a world leader in the subsurface domain with an unrivalled track record for technological innovation. The creation of this framework will enable us to bid jointly for projects of a scale that we would not pursue independently, and to develop them at a much faster pace. Petrofac and Schlumberger have a common approach and I am tremendously excited by the scope of the opportunities we see for our combined capabilities."
Schlumberger and Petrofac have complementary skill sets and execution capabilities. Both have built these through subsurface knowledge, facilities expertise and operational experience in integrated asset management with IES having particular strengths in facilities, engineering and O&M and project management while SPM has particular strengths in subsurface knowledge, production engineering, well construction, and project and asset management.
"Schlumberger's subsurface knowledge, production engineering, well construction and project management services coupled with Petrofac's surface facility design, installation and ongoing operational field management create a life-of-field approach coupled with a performance-focused commercial model to optimise asset development and overall value", said Miguel Galuccio, president, Schlumberger Production Management. "Schlumberger and Petrofac share a common global culture that promotes the complementary nature of their respective products and services and together will provide a one-stop shop for clients in emerging field development and asset management services."
Both companies will deploy their own capital in these production enhancement projects and neither company will seek to book reserves or production. The market opportunity for the collaboration is significant as major resource holders seek to develop discovered low-risk reserves against an industry environment characterised by a shortage of capability and capacity.
Ends
For further information contact:
Tulchan Communications Group Ltd
Stephen Malthouse
Martin Robinson
Tel: +44 (0) 20 7353 4200
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Susan Ganz |
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Media Relations Manager |
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Schlumberger |
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Tel:+1 713 689 7142 |
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Stephen Whittaker Director of External Communications Schlumberger Limited Tel: + 33 1 4062 1308 swhittaker@slb.com |
About Petrofac
Petrofac is a leading international services provider to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through two divisions: Engineering, Construction, Operations & Maintenance (ECOM - comprising Onshore Engineering & Construction, Offshore Projects & Operations and Engineering & Consulting Services) and Integrated Energy Services (IES). Through these divisions Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With more than 15,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 21 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
About Schlumberger
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 110,000 people representing over 140 nationalities and working in approximately 80 countries, Schlumberger provides the industry's widest range of products and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $27.45 billion in 2010. For additional information, visitwww.slb.com.
This information is provided by RNS
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