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Chicago Bridge & Iron Announces $180 Million Norwegian Sea Project

Engineering and design firm Chicago Bridge & Iron (NYSE: CBI  ) announced that Hyundai Heavy Industries awarded it a contract worth in excess of $180 million for detailed engineering design and procurement services off the coast of Norway.

The contract is for the spar topside that's part of Statoil's (NYSE: STO  ) Aasta Hansteen field development project, the world's largest spar platform and the first of its kind on the Norwegian continental shelf. It will be capable of producing 812 million cubic feet (23 million cubic meters) of gas a day and storing 160,000 barrels of condensate.

Source: Statoil.

According to Statoil, Aasta Hansteen is the start of deepwater development in the Norwegian Sea, and its development could also open up for tie-backs to other discoveries in the same area. Production is expected to start in 2016 and could run out toward 2040.

Hyundai was awarded a contract from Statoil last month to build the deck with living quarters on the spar platform. 

Noting CB&I's experience in the region, COO Lasse Petterson said, "The award builds on our extensive work history engineering offshore topsides and our successful track record on the Norwegian continental shelf."

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DocumentId: 2263763, ~/Articles/ArticleHandler.aspx, 8/24/2016 2:09:53 PM

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8/24/2016 1:54 PM
CBI $31.98 Up +0.07 +0.22%
Chicago Bridge and… CAPS Rating: ****
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Statoil CAPS Rating: ****