FTSE 250-listed Kentz Corporation, the holding company of the Kentz engineering and construction group, has been awarded three individual, reimbursable, service contracts in Iraq with a total value to Kentz of approximately 55 million dollars, through the company's Technical Support Services business unit.
The company will be working on both new and existing upstream facilities, based in the Basra and Baghdad areas. Kentz will provide services to oversee the development of in-plant process facilities and infrastructure to deliver a combined increase in production capacity of approximately 250,000 barrels per day of oil and 300 million standard cubic feet of gas over the next three-to-four years.
The awards are in-line with Kentz's stated strategy to grow its presence in the Iraqi hydrocarbons market.
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Mike Murphy, Chief Operating Officer for Technical Support Services at Kentz, commented: "We are delighted to have been awarded a succession of new contracts in Iraq, which underpin our continued focus on the Middle East region and the opportunity that we highlighted to the market.
"Iraq has the third largest proven oil reserves in the world and Kentz is well positioned to support key clients through in-country resources and a proven track-record of delivery, backed up by a global supply network of engineering and procurement resources."
MF
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