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Technip Awarded Frame Agreement for UK North Sea Field Developments

Posted on: Wednesday, 14 May 2008, 03:00 CDT

Regulatory News:

Technip (Paris:TEC) (ISIN:FR0000131708) has been awarded by Oilexco North Sea Ltd. a frame agreement for subsea services in the United Kingdom North Sea. Under the terms of this contract, which is potentially worth approximately €190 million, Technip will provide these services for the next three years. The contract includes an option for an additional period.

Technip's operating center in Aberdeen, Scotland, and Genesis Engineering Consultancy, the Group's consultancy and engineering company, will execute these services, which could include:

conceptual engineering,

project management,

procurement,

construction,

installation,

provision of diving support, trenching(1) support and umbilical(2) installation vessels,

inspection, repair and maintenance.

This is the first time Oilexco has implemented a subsea services frame agreement. This will guarantee availability of assets for Oilexco when required, enabling fast track project delivery.

The first project undertaken as part of the frame agreement will be the Shelley field development, located in the central North Sea. For this project, Technip will execute the engineering, installation and commissioning of pipelines, a control umbilical and jumpers(3), flexible risers(4), a subsea manifold and attendant flowline(5).

This award marks a new step in the collaboration between Technip and Oilexco, for whom Technip undertook its first North Sea development, Brenda / Nicol, in 2006.

(1) Trenching: burying of offshore or onshore pipelines in a trench in order to protect them.

(2) Umbilical: an assembly of hydraulic hoses which can also include electrical cables or optic fibres used to control subsea structures from a platform or a vessel.

(3) Jumper: a short pipe laid on the seabed to connect a rigid flowline to a subsea structure or to connect two subsea structures located close to one another.

(4) Riser: a pipe or assembly of pipes used to transfer produced fluids from the seabed to surface facilities, and transfer injection or control fluids from the surface facilities to the seabed.

(5) Flowline: a pipe, laid on the seabed, which allows the transportation of oil/gas production or injection of fluids. Its length can vary from a few hundred meters to several kilometers.

With a workforce of 23,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. The Group is headquartered in Paris.

The Group's main operating centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia.

In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.

The Technip share is listed in Paris on Euronext Paris.

Source: Business Wire

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