Energy firm wins £4m contract

Energy services company Proserv has won a contract worth over £4 million to carry out work for Spanish-based oil and gas firm Repsol in the Norwegian North Sea.

Under the deal, the Aberdeen-based firm will upgrade and build new subsea production control equipment for Repsol’s Yme field redevelopment.

Henrik Johnson, regional president for Scandinavia at Proserv, said: “This is a significant award win for the team that clearly demonstrates the strength of our relationship with Repsol and our ability to deliver robust technology solutions and services on time and to the very highest standards.”

As part of the agreement Proserv will engineer, manufacture and supply all equipment for the project. The manufacturing, refurbishment and servicing of the subsea control and electronics modules will be carried out by the company’s subsea team in Norway.

The recoverable oil reserves for the Yme field are estimated at approximately 65 million barrels over ten years, with the first oil planned for the first half of 2020.

Last month Proserv entered into a restructuring agreement with its principal lenders which will see up to $50m of fresh capital being injected into the business and existing lenders Oaktree Capital Management and KKR become majority shareholders.