Tekfen to Start Work on its 6th Platform in Bakû

Azfen, an Azerbaijan company in which Tekfen Construction holds a 40% stake, has signed a contract for the building and erecting of a drilling and production platform in the Azeri-Çırak-Güneşli oilfield in the Caspian Sea. The new offshore platform, which will have a weight of 17,000 tons and will cost 486.3 million US Dollars, is part of an investment initiative in the oilfield that is currently being developed by BP Exploration. Included within the scope of the project are the construction and delivery of the drilling module, service units and living quarters. In accordance with the size of its stake in the Azfen company, Tekfen Construction's share in the project, which is expected to finish in 38 months, will amount to 194.5 million US Dollars.

Tekfen Construction, which has been serving in a contractorship role in the Azerbaijan oil and gas industry since 1992, will thus be building its sixth platform in the country. Tekfen Construction President Mustafa Kopuz had the following to say about the new project: "Over and above our ongoing projects in the Caspian Sea, our priority from now on is to make use of our expertise in the building of offshore platforms to expand our activities so that they take in the Mediterranean basin, and also the North Sea. Very substantial gas reserves have been discovered in the Mediterranean - to the south of Cyprus and off the coast of Egypt. Israel has begun to carry out offshore activities, and the need to renew existing platforms in the North Sea offers significant potential for us."