Letter Agreement - Upstream Production Solutions Northern Endeavour FPSO

Company News

Monday 17th February, 2020

GR Engineering Services Limited (ASX: GNG) (GR Engineering) is pleased to announce that its wholly owned subsidiary, Upstream Production Solutions (Upstream PS) has entered into an agreement with the Department of Industry, Science, Energy and Resources of the Australian Government (Department) to provide operations and maintenance services to the Northern Endeavour floating production, storage and offtake facility (Agreement).

On 14 February 2020, the Department announced that urgent steps were underway to secure the continued safety and security of the Northern Endeavour EPSO after the liquidation of the Northern Oil and Gas Australia group of companies (NOGA). It also announced the establishment of the Northern Endeavour Temporary Operations Program to provide funding to support the operation and maintenance of the Northern Endeavour (Program).

As part of the Program, the Department has now engaged Upstream PS to provide operations and maintenance services that will reinstate minimum manning and restore safety critical services to the Northern Endeavour, Upstream PS has safely remobillised personnel to the FPSO and is proceeding under initial short term contract to provide services to the Department on commercial terms, in a non-production environment.

Commenting on the Agreement, GR Engineering's Managing Director, Geoff Jones said:

"We are pleased that Upstream PS has been identified as the party best placed to support the Department's immediate safety and security objectives under the Northern Endeavour Temporary Operations Program. Upstream PS' involvement in operating and maintaining the Northern Endeavour for over three and a half years and at all times prior to NOGA's entry into liquidation has facilitated Upstream PS' quick response and safe re-mobilisation to the Facility."

Further information on the Northern Endeavour Temporary Operations Program is available at https://www.minister.industry.gov.au/ministers/pitt/media_releases.

Ends.

ASX Release


About Upstream PS

Upstream PS is a wholly owned subsidiary of GR Engineering Services Limited (ASX:GNG) with an extensive track record in the provision of operations, maintenance, projects and advisory services. The Upstream PS team has served the oil and gas industry for more than 20 years, with a strong reputation for providing safe, innovative and sustainable solutions to production challenges.

For further information please contact:

Geoff Jones

Managing Director

+61 8 6272 6000

geoff.jones@gres.com.au

Omesh Motiwalla

CFO & Company Secretary

+61 8 6272 6000

omesh.motiwalla@gres.com.au

Follow GR Engineering on LinkedIn.

Category: Company News