Kuwait awards $881m in March upstream contracts

07 April 2013

Twenty contracts were signed in the month

State upstream operator, Kuwait Oil Company (KOC) awarded more than $881m in contracts during March, taking its total for the year to $1.57bn.

Twenty contracts were signed in the month, including five with the local Kuwait Drilling Company (KDC), according to the latest data published by KOC.

KDC signed two contracts worth KD16.4m ($58.2m) each on 27 March for the supply of rigs for drilling and workover operations. Just four days later, the local firm signed another three drilling and workover rig supply deals, this time worth KD20.5m ($72.8m) each. The total value to KDC was $335m.

KOC signed only one engineering, procurement and construction (EPC) deal in March, awarding a KD137.3m ($487.1m) contract to Turkey’s STFA. The deal covers the expansion and refurbishment of a small boat harbour at KOC’s South Pier and the construction of a new small boat harbour at North Pier.

Kuwait’s recent monthly contract award totals have varied considerably. KOC recorded only $22m worth of contracts in February, compared with nearly $674m in January. Spending in 2012 totalled $3.6bn, averaging $298m a month. March had the lowest level in 2012, with only $41.2m, compared with a high of $607m in October. In 2010, Kuwait’s spending averaged $969m a month, as it signed more than $11.6bn-worth of deals.

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