The construction related work will be concluded by July 2010.
Petroleum Technical Services also entered into second contract with Hoang Long-Hoan Vu joint operating firms to construct an oil rig, an infield pipeline system and a gas export pipeline system. The contract is valued at $150 million. Te Giac Trang field in the block 16.1 off the southern Vietnam coast will utilize these systems, which are to be constructed within two years.
The Hoang Long group includes PetroVietnam Exploration & Production Co. (PVEP) holding 41% stake; Soco Vietnam with 28.5%; PTTEP Hoang Long Co. with 28.5%; and OPECO with 2%. The Hoan Vu joint venture contains Petrovietnam with a 50% stake; PTTEP with 25%; and Soco Vietnam with 25%.
The scope of the ($50 million worth) third contract includes providing two offshore vessels to Truong Son Joint Operating Co. for five years. Truong Son is 40%-owned by PVEP, and remaining 60% stake is equally shared by Talisman Vietnam Ltd., a subsidiary of Talisman Energy Inc. (Talisman Energy), and Petronas Carigali Overseas.
Petroleum Technical Services will supply two offshore drilling vessels for six months, under the fourth contract which is valued at $10 million. The contract was awarded by Thang Long Joint Operating Co. in which Talisman Energy holds a 60% stake and PVEP holds 40% in Thang Long Joint Operating.
