Toll Holdings Limited (ASX: TOL) announced today that it has won a $90 million 10-year contract from oil and gas exploration and production company INPEX.
Toll Group is Australia's largest transport and logistics provider for the resources industry, and this latest award is another win for Toll Group's expanding portfolio. For this project, Toll Group will construct and operate INPEX's Ichthys LNG Project Offshore Logistics Base, as well as provide continuing support for INPEX's Browse Basin project.
While the current contract lasts just a decade, Toll Global Resources CEO David Jackson hopes to continue this partnership for at least the 40-year duration of the Ichthys project. "The variety of work we're doing for the INPEX Offshore Logistics Base is an excellent example of Toll's capabilities in servicing the oil and gas sector," said Jackson in a statement today. "This facility, along with the associated drilling support facility, developed for INPEX in Broome by the Toll Mermaid joint venture, demonstrates Toll's commitment to invest in world-class facilities for our customers' world-class projects."
Toll Group expects construction for the project to be completed in early 2015, with full operations up and running by late 2015.