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: “We are delighted to have been awarded this contract with Statoil; this is of huge significance for the company as Statoil has acknowledged and recognised TCO as a leading company within the chemical injection technology field.
“This contract represents a major milestone in TCO’s long term strategic plan for growth and follows the acquisition of i-Quip Technology at the end of 2012, which further expanded the company’s capabilities and offering to the market.
“The company’s successes are testament to the hard work and dedication of our entire team. 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.
“With the Statoil contract secured, we expect to double the revenue by end of 2015 to £30 million.”
Keith Woodford, global product line director, added: “This contract is excellent news for the entire team who have worked hard to ensure we are at the forefront of this industry and that we remain the preferred global vendor of this technology.”
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 delivers products and services to many of the major oil and gas operators across the globe including Total, Statoil, BP, ConocoPhillips, ExxonMobil, Shell, Apache, Chevron, Marathon, Dong, GDF Suez, Talisman, EOG, Santos, Perenco and Petrobras.