International benchmark Brent crude futures were trading at $44.95 per barrel at 0203 GMT, 6 cents below their last settlement but flat with its first close this week. U.S. West Texas Intermediate crude futures were at $44.17, down 15 cents but over 1 percent above this week's first close. "Supply disruptions and closures helped push crude oil prices higher, despite the stronger U.S.-dollar," ANZ bank said on Friday.
KUALA LUMPUR: Wah Seong Corporation Bhd has received an extension for its pipe coating contract valued at US$18.23mil (RM73.87mil) from Statoil Petroleum AS Norway.
It said on Friday the contract was to provide pipe shipping and related services for the Johan Sverdrup export pipeline project.
“The contract involves shipping of pipes to a port at west coast of Norway and subsequent offloading. The activity is expected to commence in the second quarter of 2017 and be completed by first quarter of 2018,” it said.
Wah Seong said the contract was is expected to contribute positively to the group's earnings. The contract is project specific and is not renewable.
The Johan Sverdrup export pipeline project is to provide a transport solution for the oil and gas from the Johan Sverdrup field to onshore oil and gas terminals of Mongstad and Karsto.
The 36-inch OD oil export pipeline is about 283km which will go north to Mongstad. The 18-inch OD gas export pipeline is about 156km which will go east from the Johan Sverdrup riser platform (JSRP) to a hot tap at Statpipe (S31) rich gas pipeline at about 130m water depth.
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