Promethean Energy Corporation and DanosPetrofac Establish Collaboration in the Gulf of Mexico

03-Aug-2018

HOUSTON, Aug. 3, 2018 /PRNewswire/ -- Promethean Energy Corporation (Promethean) and DanosPetrofac announce the execution of a Memorandum of Understanding (MoU). Under the terms of the MoU, the organizations will pursue opportunities to develop oil and gas assets in the U.S. Gulf of Mexico.

Promethean, a next generation Oil and Gas Development and Production (D&P) company, will acquire and operate the assets, while DanosPetrofac will deploy its capabilities and experience to support due diligence, ownership transition and manage operations.

Aditya Singh, CEO of Promethean said, "We are pleased to announce a strategic alliance with a company possessing the expertise and experience of DanosPetrofac which will help us to execute on our strategy to unlock value from existing oil & gas discoveries via integration of leading edge practices, data and technologies across the development & production life cycle in the deepwater Gulf of Mexico."

"We look forward to supporting Promethean's future acquisitions in the Gulf, where we work with asset owners to deploy services that improve performance and support effective and cost-efficient operations across all phases of the asset life cycle, including late life and decommissioning," said John Glithero, Chairman of the DanosPetrofac Steering Committee.

Promethean is a D&P focused on producing fields with potential for development upside. Its strategic alliances and innovative partnerships allow Promethean to be agile and cost efficient while benefiting from working at the frontier with requisite scale in leading edge services and technologies.

DanosPetrofac brings together U.S.-based Danos' integrated services with Petrofac's international asset management experience, to provide unparalleled asset support and management for onshore and offshore facilities in the Gulf of Mexico.

CONTACT:

Promethean
Ivor Ellul
ivor.ellul@promethean-energy.com
www.promethean-energy.com

DanosPetrofac
Samantha Magee
samantha.magee@danos.com
www.danospetrofac.com