PARIS--(BUSINESS WIRE)--Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) was awarded by Kuwait Oil Company (KOC) a contract, worth over USD 400 million, for consultancy services for project management and engineering. This deals with the construction of new oil and gas infrastructure facilities, as well as the upgrading of existing facilities, in Kuwait. Technip will provide services for the next five years with an option for an additional period of one year.
As a world leader in project management, engineering and construction for the energy industry, Technip has decided to leverage its experience gained over the past fifty years for the benefit of energy players, by developing a new expertise focused on Project Management Consultancy services (PMC) and named as Technip PMC. Providing an independent and experienced management team, Technip PMC enables clients to ensure safe and successful execution of their projects. This new contract with KOC is part of this expertise.
Technip will accompany more specifically KOC through different services, including project management, feasibility studies, front-end design, project controls, planning, engineering, procurement, construction management and training of KOC project staff.
The services will mainly be performed by Technip’s teams in an operating center created specifically for the occasion and housed at the offices based at KOC’s headquarters in Ahmadi, Kuwait, with the support of Technip’s organization in the Middle East, while the Group’s operating center in Milton Keynes, United Kingdom, will execute the feasibility studies and front-end engineering and design.
Riccardo Moizo, Senior Vice President of Technip PMC, stated: “We are proud to have been awarded this contract by KOC. This award establishes Technip as one of the top-tier Project Management Consultancy companies worldwide. It has been fueled notably by skills and assets gained from the acquisition of Stone & Webster process technologies in 2012.”
Vaseem Khan, Senior Vice President of Technip in the Middle East, commented: “This contract is a significant milestone for Technip in the Middle East. The Group will be able to reinforce its operations in the Region through the addition of another important services center in Kuwait developed specifically for the occasion, further strengthening our current engineering capabilities in the Region through operating centers in United Arab Emirates and Qatar.”
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 38,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the NYSE Euronext Paris exchange and traded in the USA on the OTCQX marketplace (OTCQX: TKPPY).