FINANCIAL NEWS

Technip wins $400m contract in Kuwait

07 Oct 2010

(MENAFN) French engineering firm Technip has been won a $400 million contract for the Saudi Arabia and Kuwait-owned Khafji Crude-Related Offshore Projects, Reuters reported.

The field is managed by Khafji Joint Operations, a venture between Aramco Gulf Operations (AGOC) and Kuwait Gulf Oil Company, and located in the neutral zone between the kingdom and Kuwait

Under the terms of the contract Technip will install two integrated wellhead jackets, two power distribution platforms, a main composite submarine cable and a number of infield cables, the firm said.

The project began in the third quarter of 2010 and is scheduled for completion within 36 months.

Technip, a project management, engineering and construction firm for the oil & gas industry, is listed on Euronext Paris exchange and over the counter (OTC) in the USA.

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