SNC-Lavalin (TSX:SNC) announces that it has been awarded a general engineering, project management and technical support services contract from Al Yasat Petroleum, a joint venture between Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC), with an estimated value of approximately $52 million CAD.
Under the three-year agreement, extendable for two years, SNC-Lavalin will partner with Al Yasat Petroleum extending the engineering and project support arm, in line with the Al Yasat Smart Growth Operating Model. The scope of work includes conceptual studies and design, front end engineering and design (FEED), execution planning, detailed engineering for small works and specialized studies. SNC-Lavalin will support Al Yasat in managing sub-contracts, procurement services and market surveys. As part of this agreement, SNC-Lavalin will also provide its digital expertise to help Al Yasat in the ambitious digital transformation plan using latest technologies. Project support includes project services and securing Al Yasat with manpower to be part of an integrated project management team.
“With over 50 years of presence in the Middle East, we have built a reputation for creating long-term value for leading international and national oil companies. This win underpins our successful track record and strategic approach to growing our business in engineering and consulting services,” said Craig Muir, President, Resources, SNC-Lavalin. “We are proud to support Al Yasat Petroleum on this project, and we will ensure it is efficiently delivered to the highest quality standards by combining our traditional engineering expertise with innovative solutions and digital technologies.”
Covering two concession areas in Abu Dhabi, United Arab Emirates, Al Yasat drives effective and efficient exploration and development of new areas, onshore and offshore. The onshore concession area is located to the Southwest of Abu Dhabi and measures 7800 km², the offshore concession area is located to the Northwest of Abu Dhabi and covers six fields with a total area of 582 km². The offshore area consists of fields at Bu Haseer, Belbazem, Umm Al Dholou, Umm Al Salsal, and Yaser.
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees think beyond engineering. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction management, sustaining capital and operations and maintenance – to clients across the EDPM (engineering, design and project management), Infrastructure, Nuclear and Resources businesses. www.snclavalin.com
For more information:
Daniela Pizzuto Denis Jasmin
Director, External Communications Vice President, Investor Relations
514-393-8000, ext. 57522 514-393-8000, ext. 57553