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SapuraAcergy Joint Venture $825 million contract awarded for Gumusut-Kakap offsh

Posted on 07.04.2009 - 13:00 UTC in CONTRACT AWARDS by Rons_ROV_Links

SapuraAcergy Joint Venture $825 million contract awarded for Gumusut-Kakap offshore field developmentAcergy S.A. confirmed today the award of a contract valued at approximately $825 million to SapuraAcergy Sdn Bhd for the development of the deepwater offshore Gumusut-Kakap field.

The primary contract has been awarded by Sabah Shell Petroleum Company Limited (SSPC) to TL Offshore Sdn Bhd, a wholly owned subsidiary of our partner, SapuraCrest Sdn Bhd. SSPC is the Operator of the Gumusut-Kakap field as contractor to PETRONAS. SSPC's co-venturers in the development of the Gumusut-Kakap field are PETRONAS Carigali Sdn. Bhd., ConocoPhillips Sabah Ltd. and Murphy Sabah Oil Co. Ltd.

SapuraAcergy's scope under the contract involves engineering, procurement, transportation and installation, offshore Malaysia in water depths of 1,200 metres, covering:

• An oil export pipeline and catenary riser, including the shore approach
• Flowlines, jumpers, Steel Catenary Risers (SCRs), Pipeline End Terminations (PLET) and flowline inline structures (SLEDs)
• Mooring wires, chains and piles for a semi-submersible Floating Production System (FPS) including towing to the offshore location and installation thereof

Engineering will commence with immediate effect, with offshore installation scheduled to commence in 2010 using the Sapura 3000, SapuraAcergy's state of the art dynamic positioning heavy lift and deepwater pipelay vessel.

This project will be accounted for in the share of results of associates and joint ventures line in the Acergy accounts. For this reason, the value of this award will not appear in Acergy's reported backlog and revenue.

Jean Cahuzac, Chief Executive Officer, Acergy said: "The Gumusut-Kakap Project represents an important development for the deepwater market in Malaysia and for our Joint Venture. Building upon the recent operational successes of the Sapura 3000, we are confident that this high specification asset, will perform strongly and enable our Joint Venture to deliver for us and our client."
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