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CORRE announces major drill cuttings treatment contract in Kuwait

Oilfield Technology,

Canadian Oil Recovery and Remediation Enterprises Ltd is pleased to announce that SAR AS, the MENA operating partner of CORRE, has been awarded a major multi-million dollar contract by the Kuwait Oil Company to treat oil based mud (OBM) drill cuttings. Eighteen companies were approved by KOC to bid for this drill cuttings treatment project.

Oil and gas drill cutting treatment

The KOC Contract includes the mobilisation and construction of a fully equipped permanent facility to treat 26 000 tpy of drill cuttings as specified in the contract. This facility will be built using the proven drill cuttings treatment technology and process of SAR's world class facility currently operating in Averoy, Norway, which has the capacity to treat 50 000 tpy of drill cuttings. The treatment capacity of the new facility can be increased if and when needed. The term of the KOC contract is for 5 years with a one-year extension option during which 130 000 - 156 000 tonnes of drill cuttings are expected to be treated. The contract provides a 6-month mobilisation period starting 10 July 2014. Accordingly, the permanent facility is expected commence operations on or before 10 January 2015.

Working towards a clean and safe environment

At the present time, the company's operating partner is in the process of bidding for another major onshore drill cuttings treatment contract, and is also preparing to bid on an equally major drill cuttings contract located offshore. Notwithstanding this current limitation for competitive purposes, the company is able to provide the following particulars pertaining to the KOC contract:

"With this contract, our MENA operating partner has positioned us as one of the primary contractors in the specialised service of treatment of drill cuttings in the MENA region. This represents a significant milestone in the development of our oil waste management and treatment services in the region and in our joint role with the local national oil companies as advocates for a clean and safe environment. With SAR as our partner and pre-qualified oil service provider, we continue to bid for more contracts and to increase our environmental remediation responsibilities using our optimised and approved technologies to treat oil-contaminated soil, recover oil and clean drill cuttings. Furthermore, SAR can now demonstrate the quality and effectiveness of its drill cuttings treatment services to KOC, a leading oil company in the Gulf region," said CORRE's Chairman and CEO John Lorenzo. "Finally, I would like to thank our shareholders and strategic allies for their patience and unfailing support."

Adapted from press release by Cecilia Rehn

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