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SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million

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SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million Empty SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million

Post by RamblerNash Sun Sep 20, 2015 11:23 am

SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million

SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million 731dbcd1682e6f78805b4530be491ef4?s=34&d=mm

Jonathan Ratner | September 17, 2015 10:15 AM ET

SNC-Lavalin Group Inc’s new Iraq contract estimated to be worth $500 million Iraq-oil-company
ESSAM -AL-SUDANI/AFP/Getty ImagesAn oilfield in Iraq


SNC-Lavalin Group Inc. didn’t disclose the size of a contract in the Middle East that it received from Exxon Mobil Corp., but it appears that it could be rather significant.

SNC subsidiary Kentz will have a 50-per-cent share of the project, which will see the company work with its regional partner to design and build a new processing facility at Exxon’s West Qurna 1 oil field in Iraq.

Maxim Sytchev at Dundee Capital Markets estimates it could be worth about $500 million to SNC. The estimate is based on Likoil’s investment in the West Qurna 2 field, where the company has invested $5 billion to produce approximately 400,000 barrels per day.

The analyst also considered the capital and operating costs when Exxon was originally chosen to develop West Qurna 1, each of which was pegged at about $25 billion over a 20-to-25-year period.

A $500-million contract would represent 11.4 per cent of SNC’s oil and gas backlog, which was $4.4 billion at the end of the second quarter. Sytchev noted that it would also account for four per cent of SNC’s overall backlog of $12.4 billion.

He said the award demonstrates the capacity of SNC’s oil and gas division to source work globally, “something that we believe investors do not subscribe to fully.”

The analyst also pointed out that SNC does very little business in the oil sands, with the majority of its work coming from Australian LNG and the Middle East.

“We clearly would have been much more comfortable if WTI were at $75 per barrel versus current $45,” Sytchev told clients. “That being said, we believe the oil sentiment is too direct right now.”


http://business.financialpost.com/investing/trading-desk/snc-lavalin-group-incs-new-iraq-contract-estimated-to-be-worth-500-million?__lsa=0edb-350f

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