Stolt Offshore Wins $120M in Contracts

Wednesday, April 07, 2004
Stolt Offshore S.A. received contract awards and Letters of Intent totaling approximately $120 million from various customers operating in the North Sea. In the UK sector of the North Sea, BP has awarded Stolt Offshore two contracts totalling $12.4 million for construction and installation of the gas import/export system for Clair Phase 1 and the tie-in of the Clair oil export and gas import/export pipeline systems. BP has also awarded Stolt Offshore a contract, valued at approximately $19.3 million, for the design and construction of an 18-inch hot-tap into the 36-inch BP Forties Pipeline System.

Stolt Offshore has been issued with a Letter of Intent for the engineering, procurement, installation and commissioning of a 29km 12-inch pipeline system, in the Southern sector of the North Sea. This work is valued at approximately $31.4 million. A Letter of Intent has also been received from Paladin for the installation of a new 10-inch, 8.5km water injection line between the Montrose and Arbroath platforms in the UKCS. This work is valued at $9.3 million.

The German oil company Wintershall Noordzee BV has awarded Stolt Offshore a $12.5 million contract for the installation of the 8-inch, 13.5km pipeline and a services umbilical between the Q5-A subsea completion and the platform at Q8-B in the Dutch sector of the North Sea.

In the Norwegian sector of the North Sea, Stolt Offshore has been awarded an $11.5 million contract from Statoil for installation work on the Aasgard field, and a Letter of Intent for the design, fabrication and installation of a 16-inch gas riser system at the Visund platform, a project valued at $8.3 million.

In addition, Conoco Phillips has contracted the EPIC Joint Venture (a Joint Venture between Stolt Offshore and Subsea 7) for subsea construction work associated with the Ekofisk Area Growth and 2/4 A Pipeline Replacement projects. Stolt Offshore's share of this contract will be approximately $15.5 million.

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