Malaga-based scaffolding and form-work supplier PCH Group Ltd has predicted a rise in its second half trading results after securing two new contracts in the Caspian Sea region.
Malaga-based scaffolding and form-work supplier PCH Group Ltd has predicted a rise in its second half trading results after securing two new contracts in the Caspian Sea region.
The full text of a company announcement is pasted below
PCH Group Ltd is pleased to announce that its Baku office has secured two new contracts in the Caspian Sea region.
The first contract is on the high profile hook-up and commissioning of the 15,000 tonne PCWU and the 12,000 tonne DUQ integrated decks. The work is direct to AIOC (a BP operated consortium) and is part of the US$13 billion ACG Full Field Development project. Work entails the provision of scaffolding, coatings and insulation services over a period of approximately one year, commencing
immediately.
The second contract is for the provision of scaffolding and coatings tank work at AIOC's Sangachal Onshore Terminal, where oil is received from the offshore ACG field and connected with the 1,743 kilometre BTC pipeline, through which oil is pumped to the Turkish Mediterranean coast.
PCH's Managing Director, Mr James Cullen said he was extremely pleased that the Company was continuing to secure new work in the Caspian. "These latest successes on a world scale project such as this direct to the AIOC consortium demonstrate the excellent reputation we have built in the Caspian".
Mr Cullen also confirmed that PCH had recently tendered a number of other major packages in various parts of the Caspian. "We have just submitted two highly significant tenders and this follows the record tender submitted a few weeks ago. This unprecedented tendering activity certainly underwrites our long-term confidence in the Caspian market".
Last year PCH advised that there would be a lull in its Caspian activity as the Company awaited commencement of major new projects in the region. Mr Cullen said that "despite the slow 12 months we had forecast in the Caspian, we are now plugging the gaps during the lull and will see more activity than originally forecast, ahead of next year's anticipated rebound. From then we expect robust conditions to run well into the next decade, so PCH is well poised to further capitalise on its strong Caspian market position".
The Company also wishes to confirm to the market previous advice that second half trading results will be well up on the first half as the Company's recent international growth initiatives continue to unfold.
