Kentz wins another contract on Sakhalin project

Engineering and construction group Kentz has been awarded a shutdown services and operations support contract with Exxon Neftegas, within the Sakhalin 1 development project in Far East Russia.

The contract, which is valued at around $50m to Kentz, includes the provision of all personnel, equipment, transportation, procurement and front end execution planning, as well as the management of contractor and subcontractor resources.

The project will be carried out through Kentz's Russian joint venture operating company, Kentz DEM, under which Kentz partners Sakhalin-based engineering and construction services company DalelectroMontazh.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The shutdown is scheduled to take place in July 2013 and will peak at a total workforce of approximately 600 personnel.

Michael Murphy, Chief Operating Officer of Technical Support Services for Kentz, said: "Kentz is delighted to have been chosen again to support Exxon Neftegas with its second major shutdown on the Sakhalin 1 development, following the delivery of a very successful first shutdown in late 2010.

"Globally, our Technical Support Services business continues to grow and provide high quality, solution driven services to core clients such as ExxonMobil."

The share price fell 0.75% to 437.70p by 08:35.

NR