HARRISBURG, Pa., Oct. 1, 2002 (PRIMEZONE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that a new joint venture formed to service Azerbaijan's oil and gas fields has secured its first contract, an approximately $2 million award from British Petroleum (BP) for multi-disciplined access and industrial maintenance services.
The contract, renewable annually, was awarded to SGB Denholm, a 50/50 joint venture recently formed between Harsco's SGB Group division, a leading specialist in scaffolding and access services, and the Denholm Industrial Services unit of UK-based Denholm Group. The joint venture partnership comprises some 25 years of operating experience serving the international oil and gas production industry, predominantly in the North Sea sector.
The contract calls for SGB Denholm to provide ongoing access installation and equipment services and a range of industrial maintenance services, to include insulation, painting and industrial cleaning. The work will support BP's extensive facilities in the area and a major oil pipeline soon to begin construction. BP is the leader in an 11-member consortium producing oil from Azerbaijan's principal offshore complex at Baku, the Azeri capital.
David Symon, SGB Denholm's General Manager headquartered in Baku, said, "We are pleased to have secured the BP contract so early after formation. We are optimistic that we will be able to build successfully from the base we have established." The oil and gas industry has invested an estimated $6 billion in the Caspian region over the last decade. Investment over the next decade is expected to make the area one of the major sources of incremental hydrocarbon supply to the world market.
Harsco's international SGB Group division and its North American-based Patent Construction Systems division jointly represent one of the world's largest providers of access-related services and equipment to the worldwide industrial maintenance and construction markets.
Harsco Corporation is a diversified, $2.1 billion company providing market-leading services and products to a range of major worldwide industries, including infrastructure development, steel and metals, railway transportation, and gas and energy. The company employs approximately 18,000 people in more than 40 countries of operation. Additional information about Harsco, including its SGB Group and Patent Construction Systems divisions, can be found at www.harsco.com.