Monadelphous Group Ltd (ASX:MND) today announced it has secured two new oil and gas contracts with a total value of approximately $140 million. The projects are:
ENI - Blacktip Development Project Offshore Gas Plant Construction Contract Supply, fabrication and assembly of around 3,000t of process modules; along with logistics, hookup and pre-commissioning of the onshore gas treatment plant for ENI’s Blacktip Development Project.
The Blacktip gas field is situated in the Timor Sea around 110 km off the shore of Northern Australia in the Bonaparte Basin, and Monadelphous’ works will be undertaken in Darwin & Wadeye in the Northern Territory between December 2007 and January 2009.
BP – Multi Project Construction Services Provision of mechanical, electrical and instrumentation services for capital improvement projects at the BP Refinery, Bulwer Island, Brisbane. The contract is performance based and has an initial term of five years.
Monadelphous Group Managing Director Robert Velletri said these latest contract wins in the oil and gas sector demonstrate the company’s strategic focus on growing its presence in this market was continuing to achieve results.
“These contracts show that Monadelphous is now being seen as a serious contender in oil and gas,� said Mr Velletri.
“This is the second maintenance support contract we’ve won with BP in recent months, the other being at the BP Kwinana Refinery in Western Australia.
“The contract with international oil and gas giant ENI will be our first major construction project in this market and we are really looking forward to working on this,� he added.
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MND Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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