Anton Oilfield Services Group (Antonoil) has announce today that the Group has received a notification from an internation oil company (IOC) customer operating at an oilfield in southern Iraq stating that Antonoil has been named as the preferred bidder for related oil production operation and maintenance services project on the site.
In this regard, both the parties will proceed with finalizing internal approval procedures and contract signing. The contract, with an estimated value of no more than US$78 million, encompasses the provision of general maintenance services covering engineering operation and related tools for the oil production station.
The project is expected to commence in the second half of 2016, with services offered spanning for a term of three years.This secured and long-term oil production maintenance services project is destined to bring forth a steady source of income for Antonoil in the long term.
The company added:
"The successful progression of the project signifies once again that the Group is being increasingly recognized by international oil companies for its operational capabilities in international projects, demonstrating the Group's strong competitiveness amid a low oil price environment and solidifying and even expanding its leading position in the Middle East market, in particular in Iraq. With the success of the internationalization strategy at a gradual pace, the Group is confident that it will resume its growth path and realize profit in a low oil price environment."
(Source: Anton Oilfield Services Group)