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|20 November, 2018

Arabtec’s Target Engineering wins $142mln deal in ADNOC project

Tecnicas Reunidas awarded the contract which includes mechanical and electrical construction works

Image used for illustrative purpose. An Arabtec logo is seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

Image used for illustrative purpose. An Arabtec logo is seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

REUTERS/Steve Crisp

Dubai: Arabtec Holding on Tuesday announced that its subsidiary Target Engineering has been awarded a construction contract as part of ADNOC Onshore’s Bu Hasa Integrated Field Development Project.

Tecnicas Reunidas awarded the AED 521 million ($141.87 million) contract, which includes mechanical and electrical construction works, to Arabtec’s wholly-owned subsidiary.

Target’s scope is the construction and expansion of the existing Bu Hasa oil pad hubs, the gas lift phase II and the produced water re-injection phase I and II,” Arabtec said in a statement to the Dubai Financial Market (DFM).

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The company further explained that the project would increase and sustain the Bu Hasa production plateau output to 650,000 barrels per day by 2020.

“We are delighted to be appointed by Tecnicas Reunidas to carry out the mechanical and electrical construction works for ADNOC Onshore. This is another oil and gas project which demonstrates Target’s strength in the industrial sector as we continue to build on our core competencies in our core markets,” commented Arabtec Group CEO Hamish Tyrwhitt.

Works required under the 30-month-long contract will begin in May 2019, the Dubai-listed firm added.

Arabtec last reported AED 67.37 million ($18.34 million) in profits for the third quarter of 2018, a strong rise form AED 10.31 million ($2.81 million) in the same period of 2017, while for the nine-month period, the construction firm achieved AED 182.58 million in profits, up 250% year-on-year from AED 52.18 million.

Source: Mubasher

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