China Subsea Contract for Technip

Press Release
Monday, October 15, 2012

Technip in a consortium with Offshore Oil Engineering Co. Ltd (COOEC) wins a substantial subsea contract in China.

The contract, value  €200 million (Technip share: around €110 million)  was awarded by China National Offshore Oil Corporation (CNOOC) Deepwater Development Limited is for the South China Sea deepwater gas development project in the Panyu field, located about 150 kilometers South of Hong Kong.

The development consists in a new subsea production system with six wells and its associated control system tied up to a new central processing platform.
The contract covers the supply and installation of a 10” and a 6” diameter clad-lined pipelines, of steel tube umbilicals*, and associated equipments.

As leader of the consortium, Technip’s operating center in Kuala Lumpur, Malaysia, will execute the contract with the support of COOEC. Duco Inc., the Group’s umbilical manufacturer in Houston, Texas, will fabricate the umbilicals. Technip's subsidiary company in Kuala Lumpur, Genesis, will provide the engineering support and detailed design.

Offshore installation is scheduled to be completed in two phases during the third quarter of 2013 and the second quarter of 2014, using the Deep Orient, one of Technip’s deepwater construction vessels, and the HYSY 201, COOEC’s pipelay vessel.

Hallvard Hasselknippe, Chief Operating Officer of Technip Subsea Division, Asia Pacific stated: "This award represents a major step forward to reinforce Technip’s strong presence in the emerging Chinese subsea market. We are delighted to have COOEC as our consortium partner to deliver this prestigious project to our key client, CNOOC."


 


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