Technip Awarded Subsea Contract by Chevron North Sea
PARIS--(BUSINESS WIRE)-- Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) was awarded by Chevron North Sea Ltd a substantial(1) engineering, procurement, installation and construction (EPIC) contract for the Alder field. Chevron is developing the Alder field as a subsea tieback to the Britannia Bridge Link Platform (BLP). This field is located in the central North Sea, about 200 kilometers North-East of Aberdeen, Scotland, at a water depth of approximately 150 meters.
The contract will cover a wide scope of work, from engineering to manufacturing and installation:
the detailed design and pipelay of a 28-kilometer 16" pipe-in-pipe system,
the installation of a 28-kilometer hybrid umbilical(2),
various subsea works including the installation of a manifold(3) structure including HIPPS(4), subsea isolation valve structure, valves and spoolpiece(5) components.
Technip's operating center in Aberdeen will execute the contract, which is scheduled to be completed in the second semester of 2015. Genesis(6) will complete the detailed design workscope and Technip's spoolbase in Evanton, Scotland, will fabricate the pipe-in-pipe. DUCO Ltd, Technip's wholly-owned subsidiary in Newcastle, England, will manufacture the umbilical. Vessels from the Group's fleet will be used for the offshore campaign, including its newest state-of-the-art pipelay vessel, the Deep Energy.
Bill Morrice, Managing Director of Technip in the United Kingdom, said: "We are delighted to be reigniting our relationship with Chevron with this substantial contract that will allow us to support them in bringing the Alder field onstream. Technip has a proven track record in delivering EPIC contracts of this scale and our unique vertical integration is an added-value advantage for our clients as our capabilities cover the entire value chain for subsea infrastructures. The UK Continental Shelf is still an exciting place to be with many major fields being developed both around traditional developments and in deeper waters West of Shetland, a market Technip is keen to maximize opportunities."
(1) For Technip, a "substantial" subsea contract is ranging from €100 to €250 million.
(2) Umbilical: An assembly of steel tubes and/or thermoplastic hoses which can also include electrical cables or optic fibres used to control subsea structures from a platform or a vessel.
(3) Manifold: a piece of pipe with several lateral outlets and/or inlets for connecting one pipe with 3 others.
(4) HIPPS: High Integrity Pressure Protection System
(5) Spoolpiece: A short section of pipe for the connection of two subsea structures.
(6) Genesis is a market-leading engineering company focused on providing engineering and technical services to the global upstream oil and gas industry. It is part of the Technip Group.
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).
Christophe Bélorgeot, Tel. +33 (0) 1 47 78 39 92
Floriane Lassalle-Massip, Tel. +33 (0) 1 47 78 32 79
Investor and Analyst Relations
Kimberly Stewart, Tel. +33 (0) 1 47 78 66 74
David Tadbir, Tel. +33 (0)1 40 90 19 04
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