Oil and gas company Neptune Energy has awarded energy services firm Three60 Energy a framework contract to deliver engineering and support services for its UK Continental Shelf portfolio.
The energy services provider said Monday it would provide concept and front-end engineering studies as well as engineering, procurement, construction and commissioning activities for Neptune Energy, under the framework deal.
The contract won through a competitive tender process will run for an initial two-year period and includes two, one-year extension options. Three60 Energy did not provide financial details on the deal.
Walter Thain, CEO of Three60 Energy, said: "Neptune Energy is already a hugely important customer to us in Engineering and Wells in Norway and it’s great to see our differentiated delivery given further recognition across our common geographies."
Neptune Energy has interests in 24 production licenses and four exploration licenses in the UK, according to info on its website. Most notably, it operates the Cygnus gas field, one of the UK’s largest producing fields.
Also, back in March 2019, Neptune sanctioned its HPTH Seagull oil and gas development in the UK North Sea. First oil projected for the end of 2021.
Seagull is expected to initially produce around 50,000 barrels of oil equivalent per day (80% oil) across its 10-year design life. Proved plus probable gross reserves are estimated at 50 million barrels of oil equivalent.