Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it was awarded a contract from BP Exploration Operating Company Ltd. to support its intervention project at the Sullom Voe Terminal, Shetland Island, Scotland.
BP officials estimate the total installed cost for the project to be up to $200 million over four years.
Under the terms of the contract, Jacobs is providing project management, engineering and construction for extensive fabric maintenance works, tankage and process unit turnarounds; plus additional projects focused on improving the condition and reliability of the terminal in anticipation of increased production demand that is expected to result from field development in the West of Shetland area.
Jacobs Group Vice President Bob Irvin stated, “We are delighted to be working in close collaboration with BP on this significant project to help drive increased performance at the Sullom Voe Terminal. We look forward to using our local and global terminal experience to deliver the planned improvements to the terminal.”One of the largest oil and gas terminals in Europe, BP’s Sullom Voe Terminal is entirely self-sufficient and handles oil and gas from more than 30 surrounding fields. The terminal’s dedicated processing, storage and loading facilities handle oil from mature and continually emerging offshore fields from both the East and, more recently, West of Shetland. Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2012 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.