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ExxonMobil contracts Maire Tecnimont

Published by , Senior Editor
Hydrocarbon Engineering,

Maire Tecnimont S.p.A. has announced that its subsidiary, Tecnimont S.p.A., through its affiliate Tecnimont USA Inc., in consortium with Performance Contractors Inc., has been awarded a reimbursable contract by ExxonMobil Corp. for the initial activities related to the front end engineering design (FEED), early execution studies and early procurement activities for new process units and the associated offsites and utilities for a petrochemical complex in the US.

The scope of the initial activities is worth about US$230 million (out of which about US$190 million pertain to Tecnimont).

The final investment decision (FID) with respect to construction of the petrochemical complex is expected to be made in 1Q19.

Due to the reimbursable formula of remuneration for the contract, in accordance with the applicable international accounting standards, the impact on the backlog and revenues will be related to the value of the services rendered for the engineering and procurement activities, thus excluding the face value of equipment and materials.

Pierroberto Folgiero, Maire Tecnimont Chief Executive Officer, said: “With this agreement we expand our presence in the US, the place to be for a technology-driven EPC contractor such as Maire Tecnimont. We are really honoured to serve ExxonMobil, one of the world’s largest oil companies, in its long-term investment cycle in the US. This result has been achieved through an innovative partnership with one of the major construction players in the North American market.”

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