Dolphin Energy Awards 3 Major Contracts

Dolphin Energy Limited named the three successful bidders who have been awarded substantial construction and equipment contracts in Qatar for the Dolphin Gas Project. The awards cover engineering, procurement and construction (EPC) contracts for both Dolphin Energy's gas processing & compression plant at Qatar's Ras Laffan and two offshore gas production platforms – as well as the supply of the compression trains for the plant.

The EPC award for the gas processing and compression plant has gone to JGC Corporation of Japan, at a value of approximately $1.6 billion.

The plant, due to come on line in 2006, will be located at Qatar's Ras Laffan Industrial City. The plant will receive wet gas from Dolphin's facilities in Qatar's offshore North Field, and will strip out valuable hydrocarbon liquids including condensate and NGL products, for processing, marketing and sale. The plant will compress the resulting dry gas for transportation by Dolphin's export pipeline to the UAE. The construction period will be 42 months.

The contract includes commissioning and start-up, training of operations staff, and procurement of spare-parts.

The second award is for a significant equipment element of the plant - six compression trains will be driven by 52 MW gas turbines that will be supplied and commissioned by Rolls Royce Energy Systems of the UK.

The third award has been made to J Ray McDermott Middle East Inc, with a scope of work that provides for the fabrication, installation and hook up of Dolphin Energy's two offshore production platforms in the North Field.

Confirming the details of the awards, Dolphin Energy CEO Ahmed Ali Al Sayegh said: "We congratulate JGC, McDermott and Rolls Royce on their successful bids, which were both well-developed and competitively-priced. We look forward to working closely with each of them during the next three years."

Mr. Al Sayegh added: "A quality performance from each company will be critical to Dolphin's on-time delivery of its first gas to the UAE in 2006."

Dolphin Energy Limited was created to develop substantial energy projects throughout the GCC. Its objective is to create long-term economic wealth and new business opportunities for citizens, far into the future.

Dolphin Energy's major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar's North Field, and transportation of the dry gas by pipeline to the UAE, beginning in 2006. Dolphin Energy's first energy initiative comes on stream in 1st Quarter 2004, when Dolphin's natural gas pipeline from Al Ain to Fujairah is inaugurated. This pipeline will supply the Union Water and Electricity Company in Fujairah - initially with natural gas from Oman, and subsequently with Dolphin gas from Qatar.

The shareholders in Dolphin Energy Limited are Mubadala Development Company, wholly owned by the Government of Abu Dhabi, Total of France and Occidental Petroleum of the USA.