Speedy Hire awarded US$50 million islands contract
Wednesday, 18 July 2012 10:13
Speedy Hire has been awarded a five-year US$50 million contract to support ESNAAD in relation to Zakum Development Company's (ZADCO) artificial islands project in Abu Dhabi
The UK-based tool and equipment hire firm, will provide logistics, asset management and equipment rental services to support the UZ 750 project being carried out in the Upper Zakum oilfield.
"The contract, which is for an initial period of five years with a two-year extension option, covers the full range of logistics, asset management and equipment rental services required to support drilling and processing activities on four artificial islands which are being constructed by ZADCO," Speedy explained.
One of the biggest developments of its kind on the planet, it will see artificial islands created as an alternative to rigs for the purposes of oil and gas extraction.
The use of artificial islands instead of conventional offshore rigs allows the use of land-based drilling techniques to reach 70 per cent of the field's proven reserves, the equipment provider said.
Speedy chief executive officer Steve Corcoran said, "We are delighted to have been awarded this major asset services contract to support ESNAAD and ZADCO in relation to one of the flagship capital projects in the oil and gas sector in the Middle East region.”