Smit Lamnalco acquires Iraqi SPM contractContracts, Tenders and Rates // September 14, 2012
Royal Boskalis Westminster has announced that its associated company, Smit Lamnalco, has been awarded a significant annual contract by Petrofac to support Single Point Mooring (SPM) operations 20km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP).
The annual contract value is approximately US$70 million (of which the company's share is 50 per cent) and services will commence November 2012.
The SPM contract covers operations and maintenance of four SPM systems. The contract has an initial duration of 12 months with two annual extension options resulting in a potential total contract value of US$200 million.
The agreement involves the full scope of maritime support services for the crude oil export facilities.