AlMansoori wins $27mn in contracts

Oil price fall will not affect company or Gulf producers

AlMansoori's stand at ADIPEC 2010.
AlMansoori's stand at ADIPEC 2010.

Abu Dhabi-based AlMansouri Specialised Engineering company, has won $100mn worth of new deals with contractors in the UAE and other countries, a company executive told Emirates 24/7.

According to Foroohar Farzadnia, Corporate Marketing and Business Development Director, one of the deals was with Australian-based Synergy company for the provision of oilfield services.

AlMansoori's responsibilities will also include providing solutions to problems that may affect operations.

He also said that the agreement, signed last week, would ensure sustained operations and increase oilfield productivity.

"Despite the decline in oil prices, our operations have not been affected. We have won oilfield service contracts in the UAE, Saudi Arabia, India, Turkmenistan and other countries. They are major contracts and have a combined value of just over $27mn. These contracts will keep the company busy for the next four years."

Asked about the company's performance in 2014, he said it was one of the best business years for AlMansouri, adding that revenue "surpassed all expectations."

Farzadnia was also quoted as saying that the oil price fall has not impacted the company on the grounds regional countries will not be affected in the short term.

"Gulf countries are oil giants and control more than 60% of the world's recoverable oil reserves. The oil price decline may affect North America but there will be no effect on Gulf states before one or two years in case they remain low," he said.

"As for AlMansouri, the decline will not affect our operations and activities as most of our contracts in the region and other countries are on long-term basis."

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