PSW Group awarded frame agreement with Faroe Petroleum for Capping Stack & Support Services

(Bergen, 18 October, 2018) PSW Group has been awarded a frame agreement for Capping Stack & Support Services with Faroe Petroleum for the Norwegian sector. The agreement has a firm duration of 3 years.

Under the new agreement, PSW Group will be responsible for the provision of a capping stack, related well control equipment and emergency response services. The agreement may be applied to any license where Faroe is the operator. "We are very pleased to be awarded this contract, proving again that our capping stack offering for harsh and challenging environments is a preferred choice. We are proud to contribute to the safety and the emergency responsiveness in the oil and gas industry”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is primarily located and maintained at PSW Group state-of-the art facilities at Mongstad, and is operationally ready 24/7 all year around. With the storage facility close to one of Europe’s largest offshore supply bases, the Capping Stack can be ready at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days.

PSW Group is expanding their portfolio and looking to establish an international presence; a second capping stack is under development, and there are plans for a third. Haukøy explains; “with increased interest from global operators, there is an apparent requirement for additional capping stacks to service international markets. A presence and service portfolio at strategic international locations will enable us to cover large parts of offshore fields worldwide, making us one of the leading suppliers in this segment”. 

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