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GR Engineering Services (ASX:GNR) - Managing Director, Geoff Jones - The Market Herald
Managing Director, Geoff Jones
Sourced: Business News
  • A subsidiary of GR Engineering Services (GNR) has secured a contract to provide operations and maintenance to the Northern Endeavour FPSO
  • This will see Upstream Production Solutions provide operations and maintenance to the floating production system until the end of October
  • The initial contract is expected to generate $32 million in revenue and has the option to be extended
  • In February, the Australian Department of Industry, Science, Energy and Resources moved to secure the Northern Endeavour after Northern Oil and Gas Australia (NOGA) liquidated
  • Upstream Production Solutions had operated and maintained the Northern Endeavour for three and a half years prior to NOGA's liquidation
  • At the request of the Department, Upstream Production Solutions has been providing these services to the floating production system since NOGA's liquidation
  • GR Engineering is trading 1.5 per cent higher for 66 cents each

A subsidiary of GR Engineering Services (GNR) has secured a contract to provide operations and maintenance to the Northern Endeavour FPSO.

This will see Upstream Production Solutions provide operations and maintenance to the floating production, storage and offtake facility until the end of October 31, 2020.

The initial contract is expected to generate $32 million in revenue and has the option to be extended for another term.

GR Engineering's Managing Director Geoff Jones said the company was pleased to continue providing safety and security of the Northern Endeavour.

“We are pleased to continue working with the Department and the relevant regulatory bodies to safely operate and maintain the Northern Endeavour FPSO whilst it remains in a non-producing state under the Northern Endeavour Temporary Operations Program,” Geoff explained.

In February, the Australian Department of Industry, Science, Energy and Resources moved to secure the Northern Endeavour after Northern Oil and Gas Australia (NOGA) liquidated.

Upstream Production Solutions operated and maintained the Northern Endeavour for three and a half years prior to NOGA's liquidation.

At the request of the Department, Upstream Production Solutions has been providing these services to the floating production system since NOGA's liquidation.

GR Engineering is trading 1.5 per cent higher for 66 cents each at 2 pm AEST.


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