TCO Awarded £75 million Statoil Contract

Posted by Eric Haun
Wednesday, January 22, 2014
L-R Rune Moan, managing director of TCO UK and Keith Woodford, global product line director, TCO

TCO AS and the daughter company TCO UK, providers of well completion technologies to the global oil and gas industry, have secured a contract with Statoil AS worth an estimated 750 million NOK (75 million GBP).

The exclusive contract will require TCO to provide the total scope of chemical injection systems and a framework contract for the scope of B-annulus system and barrier plugs for Statoil operations on the Norwegian continental shelf.

The initial contract period is two and a half years with an optional additional period of six years thereafter.

Rune Moan, managing director of TCO UK, said, “As a result of these recent developments we look forward to substantial growth in 2014 and, as well as recruiting personnel to support company developments, we look to invest in new technology.”

Moan added, “With the Statoil contract secured, we expect to double the revenue by end of 2015 to £30 million.”

TCO currently employ 85 people globally, however as a result of this contract and further strategic plans for growth, this number is expected to increase by 30 within the next two years. Due to this ongoing expansion TCO UK is further recruiting for a number of additional positions.

  • Rune Moan, managing director of TCO UK

    Rune Moan, managing director of TCO UK

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Green Signal to New Access Channel to Port Said East

The construction of a wide access channel to Port Said East, as the side channel project, has officially received approval.   The head of the Suez Canal Authority (SCA),

VT Halter Launches Barge for Bouchard

VT Halter Marine, Inc. (VT Halter Marine), a company of Vision Technologies Systems, Inc. (VT Systems) and Bouchard Transportation Co. announced that Barge B. No.

Fugro to Survey off Equatorial Guinea

Fugro has been awarded a contract by Ophir Equatorial Guinea (Block R) Limited for the provision of survey services for the development of large scale assets and


The Digital Oilfield Microwave Communication Offshore Brazil

With most offshore wells in Brazil located between 30 and 300 km from the coast, communication with offshore assets has not always been straightforward or reliable.

Opportunities for Growth as Chinese Economy Evolves

The global breakbulk and heavy-lift markets have had to navigate choppy waters in recent years.   Not necessarily due to a shortage of freight, but as a consequence of unsustainably low freight rates.

Hoegh LNG Q3 Profits Disappoints

Oslo-listed Hoegh LNG, whose floating plants turn liquefied natural gas (LNG) into gas, reported on Monday third-quarter earnings below forecasts and offered a dividend of $0.


CMA CGM Seeking Funds for NOL Takeover

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No.

Hapag-Lloyd Buys Back US Bonds

German container line Hapag-Lloyd  Hapag-Lloyd settles a high-yield dollar bond partly prematurely. The carrier would seek to pay off $125m in principal on its

Scorpio Bulkers Sells Six Ships for $227 Mln

Scorpio Bulkers Inc. has entered into agreements with unaffiliated third parties to sell two Capesize dry bulk vessels and four newbuilding Capesize dry bulk vessels

Offshore Energy

AMC’s Tempest in the Water

Aluminium Marine Consultants (AMC) lowered the new Crew Transfer Vessel Tempest into the water for the first time on November 16, 2015, on time and on schedule for handover mid December.

The Digital Oilfield Microwave Communication Offshore Brazil

With most offshore wells in Brazil located between 30 and 300 km from the coast, communication with offshore assets has not always been straightforward or reliable.

Seajacks Scylla Delivered

Seajacks Scylla, touted as the world's largest and most advanced wind farm installation and offshore construction vessel, has been delivered by the Samsung Heavy Industries Shipyard in Geoje,

Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1242 sec (8 req/sec)