Augean's (AUG) North Sea services division has entered into a partnership with Forth Ports Dundee to establish a waste transfer facility for decommissioned offshore equipment in the Port of Dundee. The facility, covering some 25,000 square feet is adjacent to - and will complement - Forth Ports' ultra-heavy lift decommissioning quayside.
The facility will enable both Augean and Forth Ports to tap into the emerging North Sea decommissioning market, as many mature and ageing offshore rigs approach the end of their productive lifespans. It's expected the facility will be open in the early part of next year and will offer the latest infrastructure and operating techniques.
The commissioning of the facility, which is expected to remain active over the next 20 years, won't have a material impact on Augean's results for the December year-end, or in the following year. But the commercial opportunity afforded by widespread decommissioning in the North Sea is certainly significant, eventually running into billions of pounds.
