- Dynamics local joint venture enters six-year agreement
- McDermott announced first deal earlier in July
- Four contractors to bid for four major offshore developments
US-based Dynamic Industries has been awarded a long-term agreement (LTA) by Saudi Aramco to provide services at the state-owned oil producers offshore facilities.
The contract was awarded to Dynamic Industries Saudi Arabia, a joint venture of the Houston-based group and local contractor Bandariyah International Company, and covers engineering, material procurement, fabrication, transportation and installation of offshore oil and gas facilities.
Under the agreement, Dynamic anticipates the execution of multiple engineering, procurement, construction and installation (EPCI) projects to support Aramcos Maintain Potential Programme, Gas Programme and other offshore work in the Gulf.
The deal is Dynamics first major contract in the Middle East oil and gas sector and will last for six years with options for two consecutive three-year extensions.
MEED reported in early May that Aramco has agreed to award LTA contracts to four companies, also including US-based McDermott, Italys Saipem, and a joint venture of Indias Larsen & Toubro and Singapore-based Emas.
McDermott confirmed earlier in July that it had been awarded a contract as part of the LTA programme, while the remaining two are expected to announce contracts in the coming weeks.
According to industry sources, the LTA contractors are expected to have the opportunity to bid on EPCI tenders for four major offshore developments. The first project is anticipated to be the second-phase expansion of the Hasbah oil field.