GR Engineering Services Limited (GR Engineering) announced that its wholly-owned subsidiary, Upstream Production Solutions Pty Ltd (Upstream PS) has been awarded a Contract with the Department of Industry, Science, Energy and Resources of the Australian Government (the Department) to provide operations and maintenance to the Northern Endeavour FPSO and associated infrastructure (the Contract).
As previously announced in February 2020, Upstream PS had been providing operations and maintenance services to the Northern Endeavour FPSO under a short term agreement and had been working to agree a longer form contract with the Department.
The initial term of the Contract expires in October 2020, with an option to extend the Contract for a further term. Based on the current budget for core operations services and planned maintenance activities, it is anticipated that revenue from the Contract for the initial term will be approximately USD 32M.
