Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Don’t think it’s a new one! It is the one already announced last week. The gas compression package No.3 awarded to PFC is part of the overall gas expansion project. The other 2 packages have been awarded to others.
Plenty of massive ADNOC projects up for grabs! PFC is definitely on the bidding list for a few at least - Upper Zakum Expansion, Lower Zakum Expansion, Habshan Gas Compression, the re-tendered mega Hail & Ghasha sour gas projects (multiple packages), Sahil field 3rd phase development! Except for the last mentioned each of the projects are of multi-billion$ values ! PFC only need to ensure that their bids are rightly prices since ADNOC has really pulled the strings tight on their money purse of late!
Have been constantly checking MMHE website regarding order confirmation from Hitachi/Petrofac for the first two TennetT substations! Haven't seen anything till now. Sembcorp Marine (now Seatrium), McDermott and Dragados all have their own construction yards. However Petrofac and Hitachi have to depend on a reliable yard to ensure a successful project execution. The sooner they finalise and sign the yard agreement it will be a big relief.
@RealitBites
Almost certain to be lumpsum contracts. At least the latest Algeria one, since almost every award till now from Sonatrach have been LS type only. Wood Group had done the FEED on this one. The original estimate from Total Energies/Sonatrach was much below US$1 billion! Samsung had quoted a price much higher than US$1.5 billion and when they were asked to reduce their price they instead preferred to withdraw from bidding altogether! So you are indeed right to be wary about this. I really hope this doesn't turn out to be another Thai Oil case 3.5 years from now! I think there was also a 3rd bidder Tecnicas Reunidas of Spain.
Looks like the new CEO has started working his magic with ADNOC! The initial contracts for the massive Hail & Ghasha project (which did not involve Petrofac!) have been cancelled completely according to Upstreamonline which means hopefully there will be a retender and PFC will have another chance to win something on the estimated US$15 to 20 billion project!
@kirti - Which Contract win is going to be put on the RNS next week? Have you heard anything from your sources? Awards are outstanding in Libya, Algeria, UAE, India & Oman but haven't seen anything definite yet.
@ginscot - the last 3 remaining stations awarded yesterday were included as a framework agreement to the Siemens / Dragados consortium so why would Petrofac need to put up an RNS???
Siemens and Dragados would be doing that. Now all 14 stations have been awarded as follows:
1) Hitachi - 6 (all 6 in partnership with Petrofac)
2) GE - 5 (3 in partnership with Sembcorp + 2 in partnership with McDermott)
3) Siemens - 3 (all 3 in partnership with Dragados)
For now the above awards complete TenneT's 2GW program offshore Netherlands and Germany involving total 14 stations for a total of 28GW.
Each station costs approximately a little over EUR2 billion hence total budget of around EUR 30 billion!
There might be additions in the future but certainly only after 2030!
https://www.upstreamonline.com/exclusive/rivals-lock-horns-for-giant-adnoc-lng-export-terminal-project/2-1-1422300
Wonder whether Petrofac is bidding on the EPC for this new ADNOC project. McDermott are the FEED contractors and the new CEO Tareq of Petrofac must have been responsible for that in his capacity as SVP at McDermott in charge of the MENA region!
https://www.engandcollc.com/assets/documents/when-should-companies-issue-profit-warnings-112019.pdf
As consortium leader on the Thai Oil project, the onus is no doubt on Petrofac to mitigate the liabilities arising during project execution. The PFC scope is the more complicated part involving mostly the brownfield works whereas Saipem and Samsung have relatively easier scopes. JGC Japan was leading the only other bidder consortium that was shortlisted but they lost out to the team led by PFC. Of course COVID and local conditions also contributed to execution difficulties subsequently.