Offshore oil facility contract

1 April 2002

The international engineering and construction group Kvaerner announced that it had been awarded contracts worth US$12m to develop the Panyu Field in the South China Sea. The main contract, awarded by the local subsidiary of China National Offshore Oil Company, is for engineering design and supply of critical process equipment for a new-build floating production storage and off-loading facility at Devon Energy China's Panyu field. Kvaerner has also been awarded contracts by Devon to design two well-head platforms and interconnecting pipeline system, also for the Panyu field.