December 18, 2013 / 6:12 AM / 4 years ago

Technip awarded $400 mln oil services contract in Kuwait

PARIS, Dec 18 (Reuters) - Technip said on Wednesday it had been awarded a contract worth over $400 million for consultancy services in project management and engineering by Kuwait’s state oil company.

The five-year service contract, which can be extended by another year, will deal with the construction of new oil and gas infrastructure, as well as the upgrading of existing facilities in Kuwait, Technip said in a statement.

Technip said on Tuesday it expected profitability at its subsea unit to fall next year, blaming delays in vessel maintenance and the start-up of a flexible pipe factory in Brazil. (Reporting by Natalie Huet; editing by Patrick Graham)

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