We’re excited to announce our strategic partnership with Finder Energy to accelerate our long-stated structured growth in successful FPSO project execution alongside sustained operations and maintenance delivery.
We asked our Managing Director, Steve Gardyne, to tell us more about the partnership, how it aligns with our business model and the opportunities it generates.
Q: Steve, please share with us how the partnership with Finder came about
SG: As everyone knows, we acquired the Petrojarl I FPSO earlier this year. Since then, we’ve worked hard to position it successfully for redeployment. The experience, pace, quality and intensity of our team’s work, including that of our subcontractors, has been recognised and appreciated by Finder, among others. This effort has unlocked client conversations and catalysed our first integrated contracts.
We’ve now taken the sound business decision on an opportunity that was too good to pass up to generate increased returns for our investors and to drive very strong delivery alignment with our partner and client organisation within this project.
This long-term alignment includes a significant equity stake in Finder by us, and the transferred ownership of the Petrojarl I FPSO to Finder. Amplus will continue to deliver operations, maintenance, and life-extension work and provide additional support – from front end engineering and design through to field deployment.
Q: Tell us more about the partnership
SG: It’s a strategic partnership built around shared interests and long-term alignment. Finder now owns the FPSO, but Amplus remains deeply involved through contracts covering operations and maintenance, conversion and life extension work, and support through front-end engineering and design (FEED) and into field deployment.
Our significant equity stake in Finder means we’re commercially invested in the success of the project and will be a member of the Finder board while we focus on our long-term interest in delivering performance value.
We’ve aspired to break into an investment position in relation to a field or field operator for some time. This partnership gives us that position alongside the Petrojarl I agreement, so effectively accelerates and achieves another of our strategic objectives ahead of our original schedule.
Q: What does the partnership mean in terms of the offering from Finder and Amplus?
SG: Our initial collective focus is on the delivery of this critical project, which will be fast-tracked and will generate significant value. However, there is potential for further collaboration and subsequent phases, opening opportunities for additional services to be provided to our partner within this project and also in relation to their wider business objectives.
Q: Why was Finder the right fit for Amplus and the FPSO acquisition?
SG: Finder is a great fit. We are both young companies that have formed around an entrepreneurial, disruptive spirit, but with seasoned and aligned experienced professionals at our core. For Finder, it advances their offering as a developer and operator. For Amplus, the partnership increases our financial strength and adds equity in our client’s business. It’s also an opportunity to lock-step with an aligned client whilst delivering on our long-stated aspiration to break into FPSO project delivery and long-term operations and maintenance delivery. Despite having sold the Petrojarl I, we remain committed to future FPSO acquisition and value generation opportunities in line with our existing business strategy.
Q: What will the partnership mean for staff at Amplus?
SG: There will be no staff reductions; indeed, this partnership gives us confidence to move forward and continue to build capability. We have already engaged two of our retained consultants – one is acting as project manager for the FEED work scopes and the other is based on the vessel as a project OIM. We’ll add to the team in a measured way as required in discussion with Finder and in accordance with local content requirements.
Thank you, Steve!