Australia's Civmec Secures Contract from Technip for Prelude FLNG Project

Australia-based integrated, multi-disciplinary construction and engineering services provider Civmec Limited disclosed Wednesday that it has secured a contract from Technip Oceania to fabricate subsea jumper spools for Royal Dutch Shell's Prelude Floating Liquefied Natural Gas (FLNG) Project.

Under the contract, Civmec's oil and gas division will fabricate 17 subsea jumper spools and associated lifting equipment for the Prelude FLNG Project for the unit of France's Technip S.A.

"Civmec has gained valuable experience through the delivery of spools for another Technip subsea project and will commence work immediately," the company said in a press release.

The firm did not reveal the value of Technip Oceania's assignment, but included it as part of the $32.1 million (AUD 45 million) contracts, which included seven non-oil and gas projects.

Separately, Civmec reported Wednesday that it registered a net profit of $6.1 million (SGD 8.7 million) for the quarter ended Sept. 30 (1Q FY2016), a decline of 21.6 percent from last year's $7.8 million (SGD 11.1 million) as revenue fell 15.5 percent largely as a result of the exchange rate decline between the Australian dollar (the Group’s operational currency) and the Singapore dollar (the Group’s reporting currency).

“We are actively tendering for work in all the sectors we operate in," Patrick Tallon, Civmec’s CEO said in a company announcement.

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