A Northumberland engineering firm has secured two multimillion-pound deals with existing oil and gas clients.
Cramlington based Quanta EPC, which also runs an Aberdeen office, has sealed two three-year framework extension agreements with customers, with an option to extend the contracts for a further two years. They include operations, maintenance, modifications, upgrades and all other engineering support for a number of offshore assets in the North Sea, to help drive efficiency improvements and reduce carbon emissions.
The company said the deal extensions mark the latest vote of confidence in the firm, which received multimillion-pound private equity investment in September, to help it accelerate growth plans in the hydrogen, carbon capture and offshore wind markets.
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Known as Fabricom Offshore Services until it emerged from an Engie Group buyout in 2018 – led by chief executive officer Nick Oates – Quanta is a key North Sea supplier of engineering, procurement, and construction services, boasting a strong oil and gas client base. Directors said their innovative approach to brownfield modifications is helping oil and gas companies increase efficiencies while also maximising oil and gas production on ageing assets.
In September Quanta received multimillion-pound investment from Foresight North East Fund, which is funded by Durham County Council’s Pension Fund and Teesside Pension Fund. It marked the first regional investment for the Foresight North East Fund, which can offer up to £5m investments and is “cornerstoned” by Durham County Council’s Pension Fund which committed £18m at its launch.
Mr Oates, CEO, said: “We are delighted to have secured these prestigious contracts once again with existing clients. Winning this work is testament to the high quality of our approach and our excellent working client relationships. We are looking forward to continuing the delivery of innovative engineering solutions and are excited to enter the next phase of our working relationship with these clients.”
Quanta recently announced two senior level appointments to help drive forward growth ambitions, enlisting Ian Clifford as chairman and non-executive of the board, while Catherine Earl took up the role of strategic finance director.
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