TCO Awarded £75 million Statoil Contract
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.