Honeywell Wins Contract for Offshore Oil PlatformsNovember 15, 2011
Recognized for its performance in an earlier phase of the project, the company was named the main electrical and instrumentation building contractor for the Vietnamese oil platforms.
HO CHI MINH CITY, Vietnam -- Honeywell (NYSE:HON) has been named main electrical and instrumentation building contractor by the Hoang Long Joint Operating Company (HLJOC) for its H-04 wellhead platform in the Te Giac Trang (TGT) Field.
This announcement follows the successful completion of an earlier phase (H-01 wellhead platform) of the TGT field, which was completed earlier this year on schedule and within budget for HLJOC. As recognition for the company's exemplary performance on the first phase of the project, HLJOC presented Honeywell with a customer award recognizing their outstanding performance.
Honeywell Process Solutions (HPS) was selected as main contractor for this project based on its strong engineering expertise and proven track record in meeting fast-track delivery schedules. In addition, HLJOC would gain value from an integrated Honeywell solution, managed by Honeywell's integrated control and safety system, which consists of the Experion Process Knowledge System (PKS) and Safety Manager.
This new project will require Honeywell to execute the design, procurement, construction, integration, testing and commissioning for the electrical and instrumentation building of the oil platform. HPS will also supply the main and backup power generators, wellhead control panel and chemical injection skid.
"When we reach full production, the Te Giac Trang oil field will be a significant generator of resources for Vietnam and its business partners," said Dr. Ngo Huu Hai, General Manager, HLJOC. "As a recent discovery, initiating operations quickly and safely in the oil field was of the utmost importance. Honeywell was able to provide a high level of project management, integration capability and reduced schedule risk that we couldn't find anywhere else."
"When these wellhead platforms are optimized, the Te Giac Trang oil field will play a crucial role in Vietnam's energy production and lessen reliance on foreign sources of oil," said Tony Cosgrove, Vice President for Asia Pacific, Honeywell Process Solutions. "The Hoang Long Joint Operating Company's decision to award both projects to Honeywell reflects the growing acceptance of turn-key solutions and their importance in helping our customers in the oil and gas industry exceed their business objectives." One of the largest joint operating companies in Vietnam, HLJOC is a state-owned partnership comprising PetroVietnam, PTTEP, SOCO International and OPECO. When completed and at full production the facility, located in the Cuu Long Basin off the Southern Vietnam coast, will be capable of producing more than 55,000 barrels of oil per day.
Honeywell International is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges.
About Honeywell Process Solutions
Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.
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