Technip Awarded Major Natural Gas Field Development Contract in Mediterranean Sea

Regulatory News:

Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) has been awarded a major⁽¹⁾ contract to develop the Bahr Essalam, Phase II development in the Central Mediterranean Sea.

This natural gas field development, which is operated by Mellitah Oil & Gas B.V. Libyan Branch, a consortium between National Oil Corporation and ENI North Africa, will be tied back to the Sabratha platform, which is situated approximately 110km off the Libyan coast in a water depth of approximately 190m.

From concept to project delivery, Technip will build on its integrated model combining its subsea and offshore capabilities. The overall scope of work will see Technip perform the overall design, detailed engineering and deliver the project management, as well as procurement, installation, tie-ins, pre-commissioning and commissioning. This will be associated with the provision of a gas gathering system, comprised of production pipelines, subsea isolation valve (SSIV), umbilicals⁽²⁾, as well as extensive diving and installation campaigns. It will also include modifications to the Sabratha platform regarding the topsides. All offshore mobilisations will be undertaken from Malta.

Offshore installation is scheduled for the second half of 2017 through to the second half of 2018. A range of vessels from the Group’s fleet will be involved, including Deep Energy Pipelay vessel, Deep Arctic Diving Support Vessel, and G1200 S-Lay vessel.

Thierry Pilenko, Chairman and CEO, commented: "We are proud of this contract award, which is a strong recognition of Technip’s broad capabilities across a variety of areas. It is also testament to our team’s ability to adapt to the challenging market environment, and to provide solutions that still enable field developments. We very much look forward to working with Mellitah to safely and successfully deliver this large project, by leveraging our strong know-how and experience in high-quality product manufacturing and subsea installation.”

In addition, Technip confirms the renewal of the charter for its Skandi Vitoria vessel in Brazil and the expansion of its contracted work outside backlog also through a large contract.

⁽¹⁾For Technip, a "major” subsea contract is ranging from €500 million - €1 billion.
⁽²⁾Umbilical: an assembly of steel tubes and/or hydraulic hoses which can also include electrical cables or optic fibers used to control subsea structures from a platform or a vessel.

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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 close to 32,500 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.
Present in 45 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 Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).

More information
Website http://www.technip.com
@TechnipGroup

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