Upstream Energy Support Services | Saudi Arabia - UESSKS

The project company is privately owned and registered in the Kingdom of Saudi Arabia and contracted by Saudi Aramco as a provider of Tubular Running Services (TRS). They have been awarded a 5-year contract (with further possible extension for 2 years) contract to provide TRS. The parent company with 35+ years’ experience has been operating in the upstream energy industry of Trinidad and Tobago. TRS is performed at the rig site, either onshore or offshore on an “as and when needed” basis, in accordance with the engineered well design through to completion of the well. The TRS budget with Saudi Aramco is circa US $ 940MM. The signed contract does not stipulate the number of rigs awarded, however the financial modelling assumes Base Case of 10 Rigs, Mid-Case of 15 Rigs, and High Case of 25 Rigs. It is anticipated rig count could change over time depending on capacity and performance, as the Company believes the prices are very competitive. The funds will be utilized to meet pre-operating expenditure to kick-start the project. The expenditure includes mainly Capital expenditure and Operating expenditure. RISK MITIGATION STRATEGIES Operational: - Implement stringent Quality Assurance / Quality Control programs in accordance with ISO & OEM Predictive Maintenance systems. - Dispatch back-up equipment when possible. - Ensure that crews are competent with adequate training and qualification to perform jobs. Health, Safety and Environment - Create a safe work culture, while recognizing behaviours that impact the organization positively or negatively. - Seek to continuously improve and focus on lessons learned through rigorous performance monitoring. - Subscription to OSH, ISO & client safety policies are mandatory for all members of the company. - Negotiate the Key Performance Indicators and ensure accountability of the actors.
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