Neptune Energy awards $6.5M contracts for Cygnus gas facility
Neptune Energy has announced the award of integrity management and fabric maintenance contracts for its operated gas production platform, Cygnus, to Oceaneering and Stork, to the value of approximately $6.5 million.
Oceaneering will supply integrity management services covering pressure systems, structural, pipeline, erosion management and offshore inspection services. Oceaneering will work closely with Stork which will deliver fabric maintenance and scaffolding services for Cygnus, located in the UK Southern North Sea.
The contracts have been awarded under a three-year agreement, with two one-year options to extend.
Neptune Energy’s UK Managing Director, Alexandra Thomas, said: “2020 was an exceptionally challenging year for our industry, given the impacts of the COVID-19 pandemic and lower commodity prices, and those within the North Sea’s world-class supply chain have been among those hardest hit.
Cygnus is a crucial component of the UK North Sea energy infrastructure, capable of producing approximately 6% of UK domestic gas demand.
About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. The business had production of 144,000 net barrels of oil equivalent per day in 2019 and 2P reserves at 31st December 2019 of 633 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.