Contract Resources, a New Zealand oil and gas services firm, is confident of securing a deal in Kuwait and the booming Middle East refinery sector according to media news.
Andrew Wells, CEO for Contract Resources, said the company, a specialist in catalyst handling and mechanical services, was confident of securing a five-year contract with Kuwait National Petroleum Company, which in 2011 recorded a net profit of about $2.1bn from revenues of nearly $50bn.
Wells said the firm, which does about 90% of its business overseas, currently had a very little market share in the Middle East, but that its refineries and petrochemical plants are of enormous potential.
“New refineries and plants in the Middle East are nothing new, but the scale of them is quite impressive,” he said. “Kuwait has three refineries, and if we win that contract it would be the largest catalyst handling contract left in the world. It’s high hazard but the hazards are very well managed.”
Contract Resources was valued at $116m in a recent 85%-acquisition by Auckland-based Hellaby Holdings. This year, the firm is forecast to achieve revenues of $150m this year.
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