Kentz JV signs framework agreement with Qatargas - 15 November 2011
London, 15 November 2011 – Kentz Corporation Limited (LSE: KENZ), the holding company of the Kentz Engineering and Construction Group, through its Qatar operating unit Qatar Kentz, is pleased to announce the signing of an engineering, procurement and construction management (EPCM) framework agreement with Qatargas Operating Company Limited (Qatargas), in joint venture with Foster Wheeler.
The framework agreement covers projects associated with the existing Qatargas Liquefied Natural Gas facility at Ras Laffan Industrial City and will include both onshore and offshore work. The agreement will be for three years with an option to extend for a further two years. The booking values for the projects will be recorded as individual service orders are received.
Qatargas is due to issue invitations to its framework contractors to bid for specific packages of work, including pre-front end engineering design (pre-FEED), FEED and EPCM services.
Hugh O'Donnell, Chief Executive of Kentz, commented: “We are delighted to have reached this agreement with our joint venture partner, Foster Wheeler, and look forward to working together to provide a range of services to Qatargas. Kentz has operated in the Middle East for over 30 years and has a strong track record of delivering for our clients in the region.”
Ends
For further information please contact:
Kentz Corporation Limited
Tel: +44 (0)20 3159 4001
Elizabeth Rous
Catríona Nugent
Evolution Securities Limited
Tel: +44 (0)20 7071 4300
Chris Sim
Neil Elliot
About Kentz
Kentz is a global engineering specialist solutions provider, which serves a blue chip client base primarily in the oil and gas, petrochemical and mining and metals sectors. It is listed on the London Stock Exchange (symbol: KENZ). In the year ending December 2010, the company generated revenues of US$1.06 billion and profit before tax of US$67.5 million.
Kentz has over 11,000 employees in 28 countries. Its three main business lines are; specialist engineering, procurement and construction (EPC) services, construction, and technical support services. It has a proven track record of delivering mechanical, electrical, controls and instrumentation engineering, construction and management services in some of the most remote locations on earth.
Please find further information on the Kentz website www.kentz.com