Two Smit Lamnalco tugs working off Oman. Image: Smit Lamnalco
AMSTERDAM–Dutch dredging and maritime services provider Royal Boskalis Westminster N.V. (BOKA.AE) said Thursday that its Smit Lamnalco associate has been awarded a $35 million a year contract by Petrofac Ltd. (PFC.LN) to support Single Point Mooring operations for the Iraq Crude Oil Export Expansion Project (ICOEEP).
The Single Point Mooring (SPM) contract covers operations and maintenance of four SPM systems operations located approximately 20 km off the Al Fao Peninsula, a region adjoining the Persian Gulf in the extreme southeast of Iraq and home to number of key oil installations.
Boskalis says that the annual contract value is approximately USD 70 million, with Boskalis holding a 50% share, and services will commence November 2012.
The contract has an initial duration of one year with two annual extension options that could translate to a potential total contract value of USD 200 million. The agreement involves the full scope of maritime support services for the crude oil export facilities.
The Iraq Crude Oil Export Expansion Project (ICOEEP) is perhaps the most important strategic project in the Iraqi Ministry of Oil’s (MoO) Master Plan 2007. The project aims to expand offshore loading facilities in order to increase export capacity from 1.75 Mbbl of oil per day to 4.5 Mbbl of oil per day by 2014.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,608 members that receive our newsletter.
Have a news tip? Let us know.
The Port of Shanghai has become first port in the world to handle over 50 million TEUs (twenty-foot equivalent units) in annual container throughput, Xinhua reported on Monday. The new...
U.S. container ports recorded their fourteenth consecutive month of growth in November, with inbound volumes surging 13.1% year-over-year across the nation’s ten largest ports, according to the latest report from...
APM Terminals has completed the final phase of its ambitious expansion project at MedPort Tangier, adding 2 million TEU capacity to solidify its position as one of the world’s most...
Maritime and offshore news trusted by our 109,608 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
