Technip, BP Angola sign frame agreements

BP Exploration (Angola) has awarded Technip and its subsidiary Angoflex two new frame agreements for oilfield developments in Angola.

Offshore staff

PARIS -- BP Exploration (Angola) has awarded Technip and its subsidiary Angoflex two new frame agreements for oilfield developments in Angola. The first agreement covers engineering, procurement, and manufacture of flexible pipe; the second covers engineering, procurement and manufacture of umbilicals, and associated equipment.

Under the terms of the frame agreements, the group has been awarded two call-off contracts for the development of the Plutao, Saturno, Venus, and Marte (PSVM) fields.

The first, valued at approximately $112 million, covers 40 flexible jumpers. Project management and engineering will be carried out by Technip's operating center in Paris, France. The flexible jumpers will be manufactured by Technip's flexible pipe plant in Le Trait, France. Delivery is scheduled during the first half of 2010.

The second, awarded to Angoflex Ltda. and DUCO (Technip's wholly-owned subsidiary) is also valued at $112 million and includes 34 umbilicals with a total length of 43 km (27 mi). Project management and engineering will be carried out by DUCO in Newcastle, UK. The umbilicals will be manufactured at the Angoflex plant in Lobito, Angola with delivery in 4Q 2010 and 1Q of 2011.

09/12/2008

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