Neptune Energy Awards +$100M Contract For Drilling Activities

Neptune Energy today announced the award of a +$100M contract to Tenaris to provide equipment and services to support drilling activities on the Norwegian Continental Shelf.

The contract covers the manufacture, transport, handling and repair of a broad range of casing materials used in offshore drilling activities. Initially this will include support for one exploration well and one appraisal well in the Neptune-operated Gjøa area in the Norwegian Sea in 2023.

The five-year contract has two two-year extension options.

Neptune’s Head of Supply Chain Management & Logistics in Norway, Kjell-Petter Schou Andreassen said: “The new contract strengthens our collaboration with Tenaris which has supported our strong operational and safety performance across all of our drilling activities.”

Tenaris’ Country Manager in Norway, Christer Andersen said: “We look forward to continuing to add value to Neptune`s operations in the years to come with our global industrial footprint, state of the art technology and our advanced, low carbon product portfolio.”

The contract between the parties came into effect in mid-April 2023.

About Neptune Energy Norge AS
Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of three producing fields: Gjøa and Duva the North Sea, and Fenja in the Norwegian Sea. It is also a partner in several fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in over 80 licences. For the full year 2022, Neptune produced 58 kboepd in Norway.

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners. For more information, visit www.neptuneenergy.com.