AMEC awarded Clair Ridge hook-up contract

FTSE 100-listed international engineering and project management company AMEC has been appointed by BP and its co-venturers, Shell, ConocoPhillips and Chevron, to deliver the hook up and commissioning services for two new Clair Ridge platforms, west of Shetland.

FTSE 100-listed international engineering and project management company AMEC has been appointed by BP and its co-venturers, Shell, ConocoPhillips and Chevron, to deliver the hook up and commissioning services for two new Clair Ridge platforms, west of Shetland.

The work, which is scheduled to run through to March 2016, is valued at £68m and follows the completion of the engineering and project management services for the Clair Ridge project.

The contract will see AMEC, and its commissioning and completions specialist business, qedi, deliver hook up and commissioning services for the construction and installation phase of two new bridge-linked platforms, which includes new production, accommodation and drilling facilities plus the subsea pipelines tied into the existing export systems.

The two new platforms are due to be installed in 2015, with production scheduled to start in 2016.

AMEC reported that BP's £4.5bn capital investment would give access to 640m barrels of recoverable oil, and see up to 120,000 barrels per day at peak, extending the life of the field to 2050.

Alan Johnstone, AMEC's Brownfield Managing Director said: "I am delighted that our long track record of delivery of major and complex projects for BP has been recognised through this significant contract award.

"The award extends our relationship with BP, as well as crowning our overall involvement with this giant development from concept right through to commissioning. We will be utilising our leading expertise from our brownfield centre of excellence and securing jobs for the North Sea."

AMEC's share price was down 0.58% to 1,031p at 09:15 on Monday morning.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021