9th Jun 2014 07:59
LONDON (Alliance News) - Costain Group PLC said Monday it has won a contract with Centrica PLC's Centrica Energy, for the provision of Engineering Procurement and Construction services as part of its Barrow Gas Terminals Project.
The Barrow Terminals Project, which is scheduled to complete in the fourth quarter of 2015, represents a total investment of GBP84 million by Centrica Energy.
At Barrow, gas is processed from the North and South Morecambe and surrounding fields in the East Irish Sea. The terminals project enables increased asset utilisation, provides compliance with future environmental requirements and supports field life extension within the East Irish Sea.
Costain said that it initially provided Centrica Energy with a Front End Engineering Design review in relation to the project at the Barrow onshore terminals, and is now looking forward to supporting the customer through to full onsite implementation.
"The Barrow Gas Terminals provide enough gas to meet the demand for 1.5 million homes in the UK and are key to securing the nation's future energy needs. Having previously provided Centrica Energy with front end consultancy for the terminals project, we are now delighted to build on our five-year collaboration with the company with this further contract," said Andrew Wyllie, Chief Executive of Costain.
Last month Centrica Energy said that the GBP84 million investment in the major construction project would create 300 jobs as it commenced preliminary work on a new pipeline project at the terminals, which will see a 1.1 kilometre, 36 inch underground pipe run from the south to north terminals.
Shares in Costain were trading 1.43% higher at 262.188 pence per share shortly after the open Monday morning. Centrica shares were trading 0.45% lower at 333.98 pence per share, one of the biggest fallers on the FTSE 100.
By Alice Attwood; [email protected]; @AliceAtAlliance
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