SMOE Bags $1B EPC Contract from Maersk Oil for Culzean Project in North Sea

Singapore's Sembcorp Marine Ltd. announced Tuesday that its subsidiary SMOE Pte Ltd. has secured an Engineering, Procurement and Construction (EPC) contract worth over $1 billion (including long lead items) from Maersk Oil North Sea UK Limited.

The contract includes the building of the Central Processing Facility plus 2 connecting bridges, Wellhead Platform and Utilities & Living Quarters Platform Topsides for the Culzean Field Development. The facility will be installed at a water depth of some 295 feet (90 meters) in UK sector of the Central North Sea.

SMOE will provide engineering, procurement, construction and onshore pre-commissioning services while detailed engineering work will be performed by a subcontracting partner. The facility will be located in the Culzean field situated 145 miles East of Aberdeen. The project is a high pressure, high temperature (HP/HT) gas condensate development.

The Sembcorp Marine Admiralty Yard in Singapore will be the core fabrication yard for the project, while the Sembmarine SLP yard in Lowestoft, UK will undertake the work scope for a power generation module, two bridges and a flare.

Culzean gas field is expected to be capable of providing around 5 percent of the UK's total gas consumption by 2020/21.

SMOE is an offshore engineering company which has attained a reputation as a leading turnkey contractor in the global oil and gas industry through its proven track record of more than 40 years in the construction of offshore fixed platforms, floating production systems, specialized modules and modularization of onshore LNG (liquefied natural gas) plants for a worldwide clientele.

Ho Nee Sin, Sembcorp Marine’s executive vice-president and head of Offshore Platforms said: “We are pleased to secure this mega contract despite stiff competition from world class yards. This is another prestigious North Sea project undertaken by the company where we will work closely with our UK subsidiary Sembmarine SLP as a team.”

The contract is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending Dec. 31.

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