Rental and asset management company Speedy International has announced a $50 million contract win to supply services to ESNAAD, the support services arm of Abu Dhabi National Oil Company (ADNOC).
The five year contract will see the company provide logistics, asset management and equipment rental services to support Zakum Development Company’s (ZADCO) Upper Zakum field, Abu Dhabi’s largest current oil field.
Last month Speedy announced it will build a new 30,000m² regional hub in the ESNAAD Offshore supply base at Mussafah, Abu Dhabi.
In the Upper Zakum field artificial islands have been constructed 80km offshore, which will enable the use of land-based drilling technology to enhance recovery rates.
The project aims to increase oil production from the Upper Zakum field to 750,000 barrels per day and to sustain this level of production for at least 25 years.
Speedy will begin phased mobilisation shortly. The contract is for an initial period of five years with a two year extension option, and is expected to be worth in excess of $50 million in revenues to Speedy over its initial term.
“We are delighted to have been awarded this major asset services contract to support ESNAAD and ZADCO in relation to one of the flagship capital projects in the oil and gas sector in the Middle East region,” said Speedy’s chief executive Steve Corcoran.
“As a group, we have significant experience over the years of using our technical expertise in major oil and gas infrastructure projects and this, combined with our ability to provide complementary asset management services on a wider basis, has been an important factor in our International Asset Services business securing this major contract.”
