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13 April 2024

Petrofac, Hitachi Energy receive $14 bln agreement from TenneT

Published
By Reuters

 Petrofac Ltd said on Thursday it was awarded a 13 billion euro ($14.09 billion) framework agreement with Hitachi Energy by Dutch-German electricity grid operator TenneT to supply offshore platforms and onshore converter stations.

The multi-year framework agreement, which the oilfield services provider said represents the largest in its history, is part of TenneT's 2 gigawatt (2GW) high-voltage direct current (HVDC) offshore wind programme in the North Sea.

TenneT has been engaged to connect about two-thirds of the 65 GW in offshore wind capacity targeted by Germany, the Netherlands, Denmark and Belgium by 2030.

The agreement covers six projects, each of which will be executed under a standalone contract valued at over 2 billion euros, split about equally between Petrofac and Hitachi Energy, Petrofac said.

Petrofac also said it would undertake the engineering, procurement, construction and installation of the offshore platforms and elements of the onshore converter stations, while Hitachi Energy will supply converter stations. ($1 = 0.9227 euros)