Speedy Hire, the U.K.’s largest equipment rental company, said its international division has been awarded a five-year $50 million contract to support a Zakum Development Co. project at Abu Dhabi’s Upper Zakum field, the world’s fourth-largest oilfield. Speedy said it will provide logistics, asset management and equipment rental services including tools, powerand other equipment for the venture that will involve the building of four artificial islands.
Speedy was awarded the deal as a subcontract partner to ESNAAD, the support services arm of Abu Dhabi National Oil Co. The contract, which is for an initial period of five years with a two-year extension option, covers the full range of logistics, asset management and equipment rental services required to support drilling and processing activities on four artificial islands. The use of artificial islands, instead of conventional offshore rigs, allows for the use of land-based drilling techniques to reach 70 percent of the field’s reserves, Speedy said.
The UZ 750 Project is one of the largest offshore oilfield development projects in the United Arab Emirates and aims to increase oil production from the Upper Zakum field to 750,000 barrels per day and to sustain this level of production for at least 25 years.
“We are delighted to have been awarded this major asset services contract to support ESNAAD and ZADCO in relation to one of the flagship capital projects in the oil and gas sector in the Middle East region,” said Speedy‟s chief executive Steve Corcoran. “As a group, we have significant experience over the years of using our technical expertise in major oil and gas infrastructure projects and this, combined with our ability to provide complementary asset management services on a wider basis, has been an important factor in our International Asset Services business securing this major contract.”
Speedy’s Middle East division, which the company set up two years ago, has been growing strongly. Speedy set up the division as domestic markets weakened.
Speedy Hire is based in Newton-le-Willow, Merseyside, U.K.