Fluor Joint Venture Awarded Operations and Maintenance Contract For South Korea's First Offshore Gas Development Project

abarrelfull wrote on 18 Jan 2013 22:12
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Thursday, January 23, 2003

Fluor Corporation (NYSE: FLR) today announced that its Fluor/AMEC joint venture has been chosen to provide operations, maintenance and production management services for South Korea's first offshore gas development project. Value of the contract, which was not disclosed, was booked in Fluor's fourth quarter 2002.

The Fluor/AMEC team will develop and implement all asset management systems associated with Korea National Oil Company's Donghae-1 gas development project.

The Donghae-1 field is located about 30 miles off Korea's southeast coast and includes three satellite subsea wells tied back to a fixed offshore gas-processing platform. The platform is connected via a subsea pipeline to a new onshore receiving terminal on the Korean coast at Ulsan. Sales gas will be provided to the South Korean national grid via a connection to the local infrastructure in Ulsan.

The joint venture's services are designed to enable KNOC to progress through the development phases of the project, leading to the first production of gas toward the end of 2003.

"We are extremely pleased to be working with the Fluor/AMEC joint venture, an organization with excellent capabilities and reputation on the Donghae-1 project," said Dr. Jong Hwan Han, KNOC's head of Gas Development. "Our development is of critical strategic importance to South Korea, and the award to a global leader in operations and maintenance activities adds assurance toward the delivery of our pre-production and production program for 2003."

"The Fluor/AMEC joint venture is very pleased to have been awarded this important project by KNOC, positioning us for future growth," said David Constable, a president within Fluor's Global Services group. "The award further demonstrates our customer's confidence in our team's ability to deliver global solutions locally to our regional customers."

• Fluor Joint Venture Awarded Operations and Maintenance Contract For South Korea's First Offshore Gas Development Project

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