Since then,it has paid $251 million to Upstream Production Solutions,a subsidiary of ASX-listed GR Engineering,to operate and maintain the vessel,according to the AusTender website.
NOGA,a one-man company with no previous offshore experience,bought the vessel from Woodside in 2016 for a nominal amount. Before the sale Woodside had planned to decommission the vessel at a cost it estimated in 2015 to be about $US260 million ($357 million).
The federal government has since tightened legislation governing the offshore oil and gas industry with more stringent checks on the financial strength of new entrants and trailing liabilities that make previous owners liable for decommissioning costs as a last resort.
Under the new regime,it is likely the sale of the Northern Endeavour would not have been approved,and if it had been Woodside and its partner would be liable for decommissioning costs.
Last week,legislation passed by federal parliament imposed a 48 cents a barrel levy on offshore oil and gas production to pay all costs associated with the Northern Endeavour.
Resources minister Keith Pitt said decommissioning the Northern Endeavour was a unique and unprecedented responsibility and the government had ensured that Australian taxpayers were not left with the bill.
On Friday the federal government announced Petrofac,a global 8500-strong UK-based firm,won the contract to complete the first of three phases of work to fully decommission the Northern Endeavour.