Nippon Steel Wins Offshore Engineering Contract in Gulf of Thailand

Southeast Asia-based upstream energy firm, KrisEnergy Ltd, has announced today the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for the Nong Yao field has been awarded to Nippon Steel and Sumikin Engineering Co. Ltd.

Located in 75 meters of water 165 kilometers offshore in the southern Gulf of Thailand, the Nong Yao field is jointly owned by KrisEnergy (25%) and Mubadala Petroleum (75%). Once constructed, the field development will initially consist of 23 wells, a wellhead processing platform and a minimum facility wellhead platform with the export of crude oil via a floating storage and offloading vessel. The facilities will have production capacity of up to 15,000 barrels of oil per day and 30,000 barrels of fluids per day.

First oil is anticipated in the first half of 2015.

Chris Gibson-Robinson, KrisEnergy’s Director of Exploration & Production, commented: “We declared final investment decision in August last year and preliminary fabrication work commenced in November. We are pleased to be making headway on the Nong Yao development, one of six development projects in our current portfolio.”

Shares of Kris Energy are up over 4 percent today after hitting a record low yesterday of $0.86 on the Singapore stock exchange.