Petrofac has announced the award of a “multi-million dollar” North Sea contract from Ithaca Energy.
Ithaca Energy plunged deep into the red in the first-half of 2020 as the sharp drop in oil prices and staff payouts weighed on the firm’s balance sheet.
Helicopter group NHV has landed a five-year North Sea contract extension with Ithaca Energy.
Impairments led North Sea operator Ithaca Energy to a £111.4m pre-tax loss in 2019, while the Covid-19 outbreak threatens delays to future projects.
Ithaca Energy has confirmed plans to sanction phase two of an enhanced oil recovery (EOR) project on the Captain field in the North Sea.
Aberdeen’s Ithaca Energy said today that “quick payback” projects had boosted production at the company, which recently bought most of Chevron’s North Sea portfolio.