Paris: French oil service company Technip said Wednesday that it was awarded a five-year contract worth more than $400 million by Kuwait Oil Company for part of a project to build new oil and gas facilities in the country.
The announcement comes a day after the company said it expects a gradual recovery in the oil service industry. Technip expects its subsea division’s revenue to rise next year, thanks to a strong and diversified backlog with robust margins from the second quarter.