EUPEC, a subsidiary of mutares AG (ISIN: DE000A0SMSH2) specialised on coatings of oil and gas pipelines, managed to secure a major order in Kazakhstan of up to EUR 45m.
EUPEC signed a frame agreement with the North Caspian Operating Company (NCOC) for up to 200 km of pipe coatings with a value of 45m EUR. At present, 40 km of pipe coatings with a value of EUR 9m are already awarded. The remaining section of the project will be awarded in the second half of this year.
The pipeline is part of the development of the Kashagan field that is located in the Kazakh sector of the Caspian Sea and extends over a surface area of approximately 75 km by 45 km. The project represents a unique combination of technical and supply chain complexity. The combined safety, engineering, logistical and environmental challenges make it one of the largest and most complex industrial projects currently being developed in the sector.
Bernard Guisol, CEO of EUPEC, comments: “The award of the Kashagan project is a milestone for EUPEC. Today, it is probably the most challenging development in the oil and gas industry. The trust in our unique technological know-how makes us proud.”
After securing the major order for a field joint coating project in Nigeria by Saipem and Total at the end of 2014, EUPEC’s capacities in 2015 are now fully booked. The order pipeline for 2016 looks already very promising. Therefore, EUPEC expects significant growth in revenues and profitability.