Petrofac Extends Contract for DDW Offshore's AHTS Vessel Till July '25

Petrofac Ltd. POFCY has announced a six-month contract extension with DDW Offshore for Skandi Emerald, an anchor-handling tug supply (AHTS) vessel. DDW Offshore, a subsidiary of Akastor, signed the preliminary contract with Petrofac in September 2022. In January 2024, POFCY had already extended the original one-year contract for Skandi Emerald.Following the latest extension, the contract term has been prolonged until July 14, 2025. DDW Offshore mentioned that after the completion of this contract, the AHTS vessel will support a disconnection assignment for the Northern Endeavour FPSO offshore Australia. The Northern Endeavour FPSO is currently not producing oil and will be disconnected and decommissioned from any subsea infrastructure at the site.The Northern Endeavour FPSO is anchored between the Laminaria and Corallina oil fields. The site lies approximately 550 kilometers toward the northwest of Darwin within the Timor Sea. The decommissioning contract was awarded in 2022. Following the award, Petrofac took over the operations of the AHTS vessel on behalf of Australia's government. As the outsourced operator of the vessel, Petrofac shall be responsible for the decommissioning of the FPSO and related subsea infrastructure from the seabed and the temporary suspension of the wells. POFCY’s Zacks Rank and Other Key PicksCurrently, POFCY carries a Zacks Rank #2 (Buy).Some other top-ranked stocks from the energy sector are Smart Sand, Inc. SND, FuelCell Energy FCEL and Nine Energy Service NINE, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.Free Today: Profiting from The Future’s Brightest Energy SourceThe demand for electricity is growing exponentially. At the same time, we’re working to reduce our dependence on fossil fuels like oil and natural gas. Nuclear energy is an ideal replacement.Leaders from the US and 21 other countries recently committed to TRIPLING the world’s nuclear energy capacities. This aggressive transition could mean tremendous profits for nuclear-related stocks – and investors who get in on the action early enough.Our urgent report, Atomic Opportunity: Nuclear Energy's Comeback, explores the key players and technologies driving this opportunity, including 3 standout stocks poised to benefit the most.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Petrofac Ltd. (POFCY): Free Stock Analysis Report Smart Sand (SND): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks