Samsung Engineering signs $27 million deal for gas development project
Samsung Engineering signed a $27 million pre-construction service agreement for an offshore gas development project in the United Arab Emirates, according to the construction company’s regulatory filing Tuesday.
Samsung Engineering received a letter of award from state-run Abu Dhabi National Oil Company (Adnoc) for the Hail and Ghasha Gas Development Project in the Middle Eastern country.
A letter of award is a formal acceptance issued by an employer for a successful tender.
Samsung Engineering is a member of a joint venture set up for the project, which also includes France’s Technip Energies and Italy’s Tecnimont S.p.A.
Samsung Engineering and the other two companies will handle the early engineering and procurement work on the onshore facilities and also conduct an open book estimate for the full project by July.
The pre-construction service agreement is worth $80.7 million in total, and Samsung Engineering’s stake in the deal is $27.2 million.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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