Bahamas Petroleum finalises master agreement with BakerHughes GE
The agreement follows proposals received in August 2019 following extensive technical discussions and mutual due diligence that drew out a range of well-related equipment for the group’s intended drilling 2020 campaign.
At that time BPC had issued a notice of award to BakerHughes GE as a precursor step to a detailed contract for the firm to be granted provision over the equipment.
BPC’s decision therefore follows a period of negotiation and collaborative work, and pursuant to the MSA entered into, BCP has subsequently placed its first purchase order with the service firm.
The purchase order includes wellhead sets and a 36" conductor casing, with the wellheads expected to be delivered in a timeframe consistent with the group’s current drilling schedule.
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, described the finalising of the agreement as a “long-awaited and significant milestone” for the company.
“In ordering these high value, critical path, long-lead items, along with the other multiple work streams ongoing, management is taking demonstrative steps to ensure we remain on track for drilling to commence as per our previously announced drill schedule," he commented.
Follow News & Updates from Bahamas Petroleum Company here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.