Petrofac has been awarded a contract renewal by Marathon Oil (NYSE:MRO) on its Brae assets in the UK North Sea. Having worked on Brae since 2005, Petrofac’s contract has been extended by a further four years.
Starting in August 2011, Petrofac will deploy its engineering, construction, operations and maintenance services under the terms of the new contract. The base scope is valued at £36 million (US $57 million), although this does not include the value of any future projects which may get sanctioned.
Operating as a production hub for nearby oil and gas fields, the Brae development is located in the UK Central North Sea.
Marathon Oil extends Brae engineering, maintenance contract with Petrofac in the UK North Sea