UK-listed Petrofac says its Energy Developments arm is now focused more on the new breed of risked-return service contracts the service company has pioneered than on the asset-ownership deals that the division previously used to boost returns. The old "build-and-harvest" asset strategy was highlighted last year when Petrofac hived off its Don field interests in the UK North Sea into new upstream player EnQuest (IOD Mar.5'10,p3). Since then, however, it has signed two contracts offering financial exposure to field performance, despite no actual ownership interest -a "production-enhancement contract" for the Ticleni oil fields onshore Romania, and a "risk-service contract" for the Berantai oil and gas development offshore Malaysia (IOD Jul.13,p8; IOD Feb.1,p8).
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