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Royal Boskalis wins US$70mn contract from Petrofac

Technology

Dredging and earthmoving, maritime services provider, Royal Boskalis Westminster, has announced that associate company, Smit Lamnalco, has been awarded a Single Point Moorings (SPM) support contract from Petrofac

The contract is to support SPM operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP).

The annual contract value is approximately US$70mn and services will commence November 2012.

The SPM contract covers operations and maintenance of four SPM systems.

The contract has an initial duration of one year with two annual extension options resulting in a potential total contract value of US$200mn.

The agreement involves the full scope of maritime support services for the crude oil export facilities.

Boskalis said in a statement that its strategy is aimed at benefiting from key macro-economic factors which drive worldwide demand in the markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. 

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