Arabtec Holding on Tuesday announced that its subsidiary, Target Engineering, has been appointed by Tecnicas Reunidas to carry out the AED521 million ($141.8 million) mechanical and electrical construction works for ADNOC Onshore’s Bu Hasa oil field.
Target’s scope of work is the construction and expansion of the existing Bu Hasa oil pad hubs, the gas lift phase 2 and theproduced water re-injection phase 1 and 2, a statement said.
It added that the purpose of the project is to increase and sustain the Bu Hasa productionplateau output to 650,000 barrels per day by 2020.
The contract works will commence in May 2019 for a duration of 30 months.
Group CEO Hamish Tyrwhitt said: "We are delighted to be appointed by TecnicasReunidas to carry out the mechanical and electrical construction works for ADNOC Onshore. This is another oil and gas project which demonstrates Target’s strength in the industrial sector as we continue to build on our core competencies in our core markets."
Earlier this month, the Dubai-based construction giant Arabtec reported Q3 net profit of $49 million, up 140 percent on the same quarter last year.
Revenue for the quarter was $1.9 billion, up 12.7 percent on last year’s $1.7 billion.
The increased profit was partly attributed to new contract wins in the quarter.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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