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.

tco.no
 

  • 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 July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

Broad Declines drag Baltic Index down

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize, panamax and supramax vessels.

MOL Makes Fleet-wide Migration to Fleet Xpress

Fleet Xpress will deliver data intelligence to drive smarter and greener shipping operations   26 July 2016: Inmarsat (LSE:ISAT.L), the leading provider of global

Energy

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

Fuel Consumption, Emissions Monitoring Software Updated

As part of the ongoing Blue Star Delos Renewable Energy Innovation Project, Eco Marine Power (EMP) stated that the Aquarius Management & Automation System (MAS)

News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Long Beach Awards Sovcomflot for Green Shipping

PAO Sovcomflot earned the Green Environmental Achievement Award from California's Port of Long Beach, recognizing the shipper for its ongoing commitment to environmental stewardship.

Offshore Energy

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Sonar
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: 0.1322 sec (8 req/sec)