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WorleyParsons, in joint venture with AkerSolutions and CB&I, has been awarded a front-end engineering and design (FEED) services contract for Phase 2 of the full-field development of the Kashagan oil field in Kazakhstan. The contract has expected revenue of approximately GB£90M.
Contract Award - Kashagan Full Field Development
Work on the project, initiated after tender under a letter of intent issued by Agip KCO and announced on 22nd October, 2008, began on the 3rd November, 2008 and is expected to be completed in the first quarter of 2010. Additional options would extend the work for up to an 8-year period.
Shareholders in the joint venture company (K-WAC Limited) are: WorleyParsons Europe Ltd (45%), CB&I UK Ltd (25%), Aker Engineering & Technology AS (30%).
WorleyParsons and AkerSolutions are engaged in the execution of Phase 1 of the Kashagan Project (the Experimental Programme) performing detailed design, fabrication and hook-up.
