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Ithaca appoints contractor for Greater Stalla

Mon, 30th Jul 2012 09:52

Ithaca Energy, the North Sea focused oil and gas company, has looked across the Channel for an engineer to build the sub-sea structures at its Greater Stella Area gas project.

The French engineering giant, Technip, has won the $230m contract, of which Ithaca must pay $126m as the majority owner of the licence..

Mike Travis, Greater Stella Area Asset Manager, said: "Awarding a single contract to Technip for the major sub-sea activities means that we benefit from a cost effective solution as well as accessing the full resources and execution expertise of a leading contractor".

Ithaca shares were up 3.6% at 10:08.

Related Shares: Ithaca Energy Inc. (DI) (IAE).

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