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CB+I and Shell Sign FEED Services Contract for Kashagan Oil Field Development

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Apr 24 2010

CB&I (NYSE: CBI) announced today that, in a joint venture with WorleyParsons and Aker Solutions, it has been awarded an updated front-end engineering and design (FEED) services contract from Shell Development Kashagan B.V. for Phase II of the full-field development of the Kashagan oil field in Kazakhstan.

The updated contract, valued at GB£170 million (US$293 million), replaces an earlier GB£90 million contract awarded at the end of 2008.

The contract includes FEED work for both onshore and offshore facilities and pipelines. It also includes options for early works, detail engineering, procurement services, technical assistance and design/system integrity. Work on the project began in November 2008 and is expected to be completed in the second quarter of 2011.

Shareholders in the Joint Venture company (K-WAC Limited) are: CB&I (25%), WorleyParsons Europe Ltd (45%), Aker Engineering & Technology AS (30%).

Source: http://www.cbi.com/

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