INDUSTRY NEWS
CRAIG INTERNATIONAL SECURES FIVE-YEAR PROCUREMENT CONTRACT WITH PREMIER OIL
INEOS TO ACQUIRE THE NORTH SEA FORTIES PIPELINE SYSTEM AND KINNEIL TERMINAL FROM BP FOR $250M
Jim Ratcliffe Chairman and Founder of INEOS says, “This is another very significant deal for INEOS. The acquisition reunites North Sea and Grangemouth assets under INEOS ownership. INEOS is now the only UK company with refinery and petrochemical assets directly integrated into the North Sea.”
Craig International has signed a five year procurement contract for all Premier Oil’s maintenance and repair operations in the UK North Sea.
The contract, which could be worth up to £5 million, will see Craig International’s UK office work alongside its global network on all aspects of the procurement process – from sourcing to logistics – to ensure the most cost-effective service possible.
Craig International won the competitive retender due to the company’s range of innovative e-commerce ideas and driven efficiencies which provide added value to the client.
Jill MacDonald, Joint Managing Director of Craig International, said: “We’ve built a strong relationship with Premier Oil and securing this contract recognises the value outsourced procurement can bring to a project. Our approach gives clients a variety of options to meet their requirements and suit their budgets.”
Craig International is a division of privately-owned shipping and energy services firm, Craig Group.
Craig International has a global network of pre-qualified suppliers, over 60 experienced and qualified buyers in seven countries covering every continent, proven out-sourcing experience, recognised international accreditations and on- line procurement tools and processes.
With bases in Aberdeen, Calgary, Cape Town, Doha, Dubai, Hamburg and Houston, Craig International provides a truly global service. The company has evolved from an oilfield supply company to a provider of out-sourced procurement services.
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www.sosmagazine.biz | May 2017
INEOS has recently announced that it has agreed to acquire the Forties Pipeline System (FPS) and associated pipelines and facilities from BP. The 235 mile Forties pipeline system links 85 North Sea oil and gas assets to the UK mainland and the INEOS site in Grangemouth in Scotland.
Under the terms of the agreement INEOS will pay BP a consideration of up to $250 million for the business, comprising a cash payment of $125 million on completion and an earn-out arrangement over seven years that could total $125 million.
It is expected that around 300 people that operate and support the FPS business at Kinneil, Grangemouth, Dalmeny and offshore will become part of the INEOS Upstream business.
20% of the oil that passes down the pipeline feeds the INEOS refinery to provide 80% of Scotland’s fuel.
The agreement further expands the INEOS Upstream business following the acquisition of the Breagh and Clipper South gas fields in the Southern North Sea from Letter1 in 2015, which currently supply gas to 1 in 10 British homes.
The acquiring entity will be INEOS FPS Limited, which forms part of INEOS Limited but is not part of the IGH SA Group.
The acquisition and transfer of operatorship is targeted to complete in q3 this year, subject to the receipt of regulatory and other third party approvals.
BUREAU VERITAS SECURES CONTRACT WITH NOBLE ENERGY
Bureau Veritas has been appointed by global oil and natural gas exploration and production company Noble Energy, to provide an independent verification of its development executions in the Leviathan Project, off the Mediterranean coast of Israel.
Bureau Veritas’ Verification provides independent assessment of compliance with the Project requirements. Bureau Veritas will be focused on the review and verification of the design/engineering, fabrication, installation and commissioning of the safety critical elements (SCE) of the Project, which will consist of subsea installations, a host platform, export lines to/and onshore tie-in at the coastal valve station.
Paul Shrieve, BV Regional CEO North Sea Offshore Operations, said: “We are delighted to have been appointed by Noble Energy to support them with an independent compliance assessment of their recent project.
Above: Paul Shrieve, BV Regional CEO North Sea Offshore Operations.
“As global experts, Noble Energy share similar principles as BureauVeritas, guided by a commitment to safety, environmental responsibility and innovation. We look forward to working alongside their expert team. ”
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