Revenues of Canadian companies grow due to Azerbaijani Shah Deniz project

Baku, Azerbaijan, Nov. 6

By Maksim Tsurkov - Trend:

Revenues of the Canadian ShawCor company, the US subsidiary contractor for the construction and pipe insulation in the Azerbaijani Shah Deniz gas condensate field, increased in the third quarter, mainly due to work performed on the Azerbaijani project, according to the financial performance report of ShawCor Ltd., as posted on its website.

During the third quarter, the EMAR region made the most significant contribution to the overall financial performance of the company, according to the report. This was particularly due to the strong operating performance of the Shah Deniz project, the report said. This level of performance is expected to continue into the final quarter of 2015 and first quarter of 2016, until completion of the contract work, the company said.

Steve Orr, chief executive officer of Shawcor Ltd., said that the company is very encouraged by the significant improvement in Shawcor's financial performance in the third quarter.

"Despite continued challenging market conditions, strong operational performance on the $200 million Shah Deniz Stage 2 development project and the recommencement of production on pipe coating for Line 2 of the South Stream project contributed to a 48 percent increase in sequential quarterly revenue at the Company's Europe, Middle East, Africa and Russia ("EMAR") Pipeline segment region," he said.

Further, the total income of the company in the first three quarters of 2015 reached $1.03 billion, according to the report.

Contracts concluded in 2014 with the Bredero Shaw International BV company called for mixing concrete and anti-corrosion coating to be applied to underwater export pipelines, as well as the modernization of the Caspian Pipe Coatings (CPC) enterprise on pipe insulation.

As part of the implementation of the Shah Deniz project, the annual gas production volume will increase from 9 billion cubic meters (within the first phase) by additional 16 billion cubic meters in the second phase. Two offshore platforms will be installed and over 20 subsea wells will be drilled to produce additional volumes of gas within Shah Deniz-2 project.

As part of the second stage of the field's development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.

The volume of gas produced at Shah Deniz field stood at 5.2 billion cubic meters in the first half of 2015, while the volume of condensate production at this field totaled 1.2 million metric tons (9.8 million barrels), compared to 4.75 billion cubic meters of gas and 1.12 million metric tons of condensate in the same period of 2014.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas. The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).

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Follow the author on Twitter: @MaksimTsurkov

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