Petrofac and Hitachi Energy announced the award of the second project under the USD 14 billion, multi-year Framework Agreement with TenneT - the Dutch- German Transmission System Operator - to expand offshore wind capacity in the North Sea. In an initial announcement earlier this year, Petrofac and Hitachi Energy reported the award of the six-project Framework Agreement. Under this landmark agreement, Petrofac will undertake the engineering, procurement, construction, and installation (EPCI) of offshore platforms and elements of the onshore converter stations while Hitachi Energy will supply its HVDC converter stations, which convert AC to DC power offshore and DC to AC onshore.

The Group remains in active discussion with credit providers and its clients to secure the guarantees required for other new contracts in its portfolio.