Kuwait Oil Co. (KOC) has awarded Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) a contract, worth over $400 million, for consultancy services for project management and engineering. The work deals with the construction of new oil and gas infrastructure facilities, as well as the upgrading of existing facilities, in Kuwait. Technip will provide services for the next five years, with an option for an additional period of one year.
Technip has developed a new entity, Technip PMC, which is focused on project management consultancy services. Technip PMC will provide services to KOC for project management, feasibility studies, front-end design, project controls, planning, engineering, procurement, construction management, and the training of KOC project staff.
The services will mainly be performed by Technip’s teams in an operating center created specifically for the occasion and housed at the offices based at KOC’s headquarters in Ahmadi, Kuwait, with the support of Technip’s organization in the Middle East, while the group’s operating center in Milton Keynes, UK, will execute the feasibility studies and front-end engineering and design.