News Post
Maire Tecnimont lands design contract for ExxonMobil petrochemical complex
Maire Tecnimont S.p.A. announced that its subsidiary Tecnimont S.p.A., through its affiliate Tecnimont USA Inc., in consortium with Performance Contractors Inc., has been awarded a reimbursable contract by Exxon Mobil Corporation for the initial activities related to the front end engineering design, early execution studies and early procurement activities for new process units and the associated offsites and utilities for a Petrochemical complex in the U.S. The scope of the initial activities is worth about $230 MM (out of which about $190 MM pertain to Tecnimont).
The FID with respect to the construction of the petrochemical complex is expected to be made in the first quarter of 2019.
Due to the reimbursable formula of remuneration for the contract, in accordance with the applicable international accounting standards, the impact on the backlog and revenues will be related to the value of the services rendered for the engineering and procurement activities, thus excluding the face value of equipment and materials.
Tecnimont is the leader of the consortium, due to its consolidated expertise in the petrochemical sector and its worldwide experience in the implementation of polyolefin plants. Performance Contractors is a seasoned US-based General Industrial Contractor in the chemical, petrochemical and other industrial sectors, with a strong track record in the U.S. Gulf Coast area and a long history with Exxon Mobil.
With this contract, Maire Tecnimont Group consolidates its global leadership in the polyolefins market, and expands its geographical footprint in North America, an attractive and consolidated market where a number of gas-based industrial plants are expected to be tendered in the near future, thanks to the exploitation of shale gas.
Pierroberto Folgiero, Maire Tecnimont Chief Executive Officer, commented: “With this agreement we expand our presence in the U.S., the place to be for a technology-driven EPC contractor such as Maire Tecnimont. We are really honoured to serve Exxon Mobil, one of the world’s largest oil companies, in its long-term investment cycle in the U.S. This result has been achieved through an innovative partnership with one of the major construction players in the North American market”.
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