Iraqs South Oil Company (SOC) has awarded an additional Single Point Mooring (SPM) contract worth US$79.85mn to Leighton Offshore.
The SPM contract work will be undertaken in parallel with the Phase 1 Iraq Crude Oil Export Expansion Project (ICOEEP) scope currently underway, is scheduled for completion by early 2012.
Fastest growing market
Leighton Offshore Chief Executive Officer, Peter Cox said, "the Iraqi oil market is the fastest growing market in the region - it is expected that in under a decade, Iraq will treble its current oil production."
The ICOEEP aims to expand Iraq's offshore loading facilities to enable export capability of 4.5mn barrels of oil per day.
