Fairfield Decom to Cease Trading

Fairfield Decom has confirmed that it will cease trading in a statement posted on its website.

In the statement, the company’s managing director, Graeme Fergusson, described the decision to stop operations as being “very difficult”.

“This was especially tough given the talented team that has worked tirelessly to bring this unique solution to the market, bolstered by significant support and encouragement from our shareholders, the supply chain, regulators, financiers and industry bodies,” Fergusson said in the statement.

“Although our model was received positively by both operators and the wider industry, it has proven to be difficult for the operators to translate this enthusiasm into action,” he added.

“Despite the industry calling for innovative decommissioning propositions, there is a discernible gap between the rhetoric and the reality. The Fairfield Decom team developed something entirely different – an innovative decommissioning model with integration at its core and a never-seen before commercial proposition. Nonetheless, without a firm commitment from an operator, numerous material offers fell at the final hurdle,” Fergusson went on to say.

In the statement, Fergusson outlined that there must now be a sense of urgency in the decommissioning sector.

“Without the appetite for true commercial innovation and the willingness to move away from conservative working practices, we not only run the risk of higher decommissioning costs but of losing valuable skills and a sustainable supply chain,” he said.

“The next 20 years is poised to see an unprecedented increase in decommissioning activity. While we are naturally disappointed that Fairfield Decom will not be a part of that journey, we urge the industry to step up to unlock the huge potential of the global decommissioning market, thus providing much-needed opportunities for UK businesses and the highly skilled energy workforce,” he added.

Fairfield Decom was established in 2019 with Heerema Marine Contractors and AF Offshore Decom. The entity brought together an unrivalled track record and expertise to create a unique solution for ultra-late life and decommissioning operations in the North Sea, according to Fergusson.

To contact the author, email andreas.exarheas@rigzone.com