The company taps large market potential in deepwater oil and gas equipment in the South China Sea.
Jutal Offshore Oil Services Limited (“Jutal Oil Services” or the “Group”), a leading Chinese integrated engineering, fabrication and technical services provider in the oil and gas industry, announced that it has won new orders for the fabrication of a produced water treatment package and underwater manifold structures. The new orders command a total contract value of around US$19.8 million (approximately HK$154 million) with around US$5.5 million (approximately HK$42.9 million) for follow-up engineering work to be confirmed.
Subsequent to the recently successful completed EPC(engineering, procurement and construction) project of seven sets of gas treatment packages for PetroChina overseas oil and gas field, Jutal Oil Services is responsible for the EPC of this water treatment package. The equipment is to be deployed on an overseas offshore oilfield managed by Sinopec. The project adopts corrugated plate interceptor and filters to remove waste oil and suspended solids in the produced water in order to comply with standards for re-injection. The equipment is to be delivered in August 2012.
In addition to the order for water treatment package, the Group has secured fabrication orders for a series of undersea structures for an offshore deepwater gas field in the South China Sea. It is collaborating with an internationally renowned oil and gas contractor in the oil and gas industry. The core construction of the subsea structures is expected to be completed by December 2012 while the follow-up engineering work is expected to be delivered by July 2013, according to a Jutal Oil services report.
Mr Wang Lishan, Chairman of Jutal Oil Services said, “The Group is very excited by successfully securing these tenders. The new projects represent a major step forward for Jutal to transform from a manufacturer into an integrated oil and gas solutions provider with widespread market recognition. According to China’s Twelfth Five-Year Plan, the country is strengthening the development of oil and gas resources in the South China Sea. As one of the few oil, gas, water treatment equipment suppliers with total EPC capability in China, the Group is confident it can grasp the upcoming opportunities in the market of deepwater oil and gas extraction equipment in South China, as well as capture the greatest benefit for its shareholders."
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