24 May 2021
Petrofac, the international service provider to the energy industry, has signed a Memorandum of Understanding (MOU) with independent clean energy champion, Storegga Geotechnologies.
The MOU builds new energy capability and capacity in the UK and represents a significant strategic step in Petrofac’s continued expansion into new and renewable energy.
The agreement supports Petrofac and Storegga to collaborate on potential business development and project initiatives in Carbon Capture and Storage (CCS), Hydrogen and other low carbon projects. With an initial focus on the UKCS and North West Europe, the MOU also includes scope for the parties to work together internationally.
Petrofac was recently awarded a Project Management Office support contract for the Acorn project with Pale Blue Dot, of which Storegga is the holding company.
Commenting, Petrofac Engineering & Production Services’ Chief Operating Officer, and global Corporate Development Officer*, John Pearson, said: “We are delighted to develop this strategic partnership with Storegga, who have a bold ambition to establish themselves as an operator of low carbon technology projects."
“Like our existing offshore wind portfolio, CCUS, Hydrogen and other low carbon technologies require the complex engineering, project management and asset management capability we have developed in oil and gas. We very much look forward to having the opportunity to leverage our experience – from concept to commissioning – to work with Storegga to bring viable projects through to fruition and help drive the UK’s Energy Transition.”
Nick Cooper, Chief Executive of Storegga Geotechnologies, said: “There is great value in Storegga working with companies such as Petrofac to bolster our engineering and project management capability. This will enable Storegga to accelerate the delivery of our CCS and hydrogen projects in support of the energy transition. We very much look forward to collaborating on future opportunities.”
ENDS
For further information contact:
Sophie Reid, Communications & Marketing
Aaron Clark, Investor Relations & Communications Manager
NOTES TO EDITORS
*As Chief Corporate Development Officer John Pearson is responsible for driving Petrofac’s Energy Transition strategy globally.
About Petrofac
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world’s evolving energy needs. Our six values – safe; ethical; innovative; responsive; quality & cost conscious; driven to deliver – are at the heart of everything we do.
Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 11,500 employees based across 31 offices globally.
Petrofac is quoted on the London Stock Exchange (symbol: PFC).
For additional information, please refer to the Petrofac website at www.petrofac.com
About Storegga
Storegga Geotechnologies has been created to champion and deliver CO2 storage, hydrogen and other subsurface renewable energy projects in the UK and internationally. Storegga is the holding company for Scottish low carbon energy business Pale Blue Dot, the lead developer on the The Acorn Project. With initial investment from the Macquarie Group, Storegga is building an independent, UK based low carbon technology business.
For additional information about Storegga visit the corporate website
Media enquiries: Kirsty Lynch 07557 470679 or email kirsty.lynch@pale-blu.com
