Conoco and Halliburton Conclude Five Year U.K. Contract.Business/Energy EditorsABERDEEN, Scotland--(BUSINESS WIRE)--Aug. 1, 2000 Two of the world's leading energy companies, Conoco (NYSE NYSE See: New York Stock Exchange :COCA coca (kō`kə), common name for shrubs of the genus Erythroxylum, particularly E. coca, of the family Erythroxylaceae, and found abundantly in upland regions and on mountain slopes of South America, as well as in Australia, India, ) (NYSE:COCB) and Halliburton Company (NYSE:HAL Hal: see Halle, Belgium. hal In Sufism, a state of mind reached from time to time by mystics during their journey toward God. The ahwal (plural of hal) are God-given graces that appear when a soul is purified of its attachments to the material world. ) have concluded one of the largest oil and gas industry service and support contracts ever awarded in the U.K. Brown & Root Energy Services, a business unit of Halliburton Company, won the major services contract from Conoco (U.K.) Limited, the British exploration and production subsidiary of Conoco Inc. The five-year contract which includes two further two-year options, is valued at around 150m pounds (US$225m). It covers the provision to Conoco's southern North Sea natural gas business of a wide range of services including planning and support, engineering and construction, maintenance, materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, and personnel. A main focus for the contract is to maximize asset availability across all Conoco's southern North Sea natural gas installations both on and offshore. Don Robertson, Conoco's U.K. general manager for production, said: "Our decision to combine these essential functions into one contract reflects our commitment to the cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. maintenance of a natural gas business that is strategically important to both Conoco and the U.K. economy. We are pleased to be continuing our relationship with Brown & Root in the knowledge that they will work with us in maintaining our high standards of technical, safety and environmental performance." Commenting on the award Dave Lesar, chairman, president and chief executive officer of Halliburton Company, said, "This is the largest integrated-style services contract that has been awarded to Production Services to date and is a reflection on our innovative approach to the work and our ability to deliver value to our customers. Our objectives in this contract are exactly aligned with Conoco's and we will be working together as a single team." Randy Harl, president of Brown & Root Energy Services, added, "We are delighted with our success in winning this work in a highly competitive marketplace. It underscores our long term commitment to the North Sea and our ability to provide a broad range of support to producing assets." The assets covered by the scope of the contract are the Theddlethorpe Gas Terminal (TGT TGT Target TGT Ticket Granting Ticket (Windows 2000 Kerberos security) TGT Target Corp (stock symbol) TGT Turbine Gas Temperature TGT TDRSS Ground Terminal TGT Tank Gunnery Trainer TGT Target Tracker ) in Lincolnshire, the Lincolnshire Offshore Gas Gathering System (LOGGS), the Viking and Caister Murdoch System (CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ), along with other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. which Conoco operates on behalf of partners in the southern North Sea. Notes to editors: 1. Conoco is a major, integrated energy company based in Houston and active in more than 40 countries. This year, the company is celebrating the 125th anniversary of its founding. Its British upstream From the consumer to the provider. See downstream. (networking) upstream - Fewer network hops away from a backbone or hub. For example, a small ISP that connects to the Internet through a larger ISP that has their own connection to the backbone is downstream from the larger subsidiary, Conoco (U.K.) Limited, was one of the first companies to explore in the North Sea and today is a leading producer of crude oil and natural gas in the UK Continental Shelf. Conoco's world wide Web address is http://www.conoco.com. 2. Brown & Root Energy Services supplies engineering, construction, operations and maintenance services to the upstream oil and gas industry worldwide. Its primary role is the engineering, project management, construction and operation of the facilities that are utilized for the production and transportation of oil and gas. Founded in 1919, Halliburton Company is the world's leading diversified diversified (di·verˑ·s energy services, engineering, energy equipment, construction and maintenance company. In 1999, Halliburton's consolidated revenues were $14.9 billion and it conducted business with a workforce of approximately 100,000 in more than 120 countries. The company's World Wide Web site can be accessed at http://www.halliburton.com. |
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