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Esnaad awards $55m contract to Speedy International

Deal to provide logistics and equipment support

Gulf News

Abu Dhabi: Esnaad, a partner in the Abu Dhabi National Oil Company-led Zadco consortium, has awarded a $55 million contract to oil and natural gas equipment supplier Speedy International, according to Adipec News, a daily newsletter providing information on the happenings at the Abu Dhabi International Petroleum Exhibition & Conference (Adipec-2012), currently taking place in the capital.

Under the terms of the contract, the UK-headquartered company will provide logistics and equipment support to Esnaad in its operations on the massive Zakum field expansion project, which is set to boost its oil production to 750,000 barrels per day.

Speedy provides asset management solutions, including short-term rentals or long-term lease of equipment for the oil and gas sector, including pipelines, utilities, industrial, construction and infrastructure markets.

The size of the original contract is $55 million, but should reach $85 million as additional islands are completed and EPC works progress, according to Andy Carter, managing director of Speedy International.

The deal with Esnaad is among a number the company has already struck with the Adnoc group of companies, including Borouge, Takreer and Adma-Opco.

Speedy has been increasing its focus on the Middle East over the last two years, having invested some $10 million in the region, as part of its $230 million expansion in a number of markets.