Boskalis and Van Oord JV Receives LOI for Nord Stream 2
- Business & Finance
Boskalis has been awarded a Letter of Intent (LOI) in joint venture with Van Oord for rock placement services for the Nord Stream 2 project.
The award was made by the project developer Nord Stream 2 AG and is a part of the construction of the planned twin 1,200 kilometer gas pipelines running through the Baltic Sea, connecting Russia to Europe.
The contract value is approximately EUR 250 million, with a 50% share for Boskalis.
Contract details are expected to be finalized in the next few weeks, Boskalis said.
Rock needs to be installed at specific locations along the pipeline route to level the seabed and to protect the pipelines. The contract scope includes the sourcing of rock from quarries in the Baltic region.
The project will be executed in a 50/50 partnership and multiple specialized fallpipe vessels will be deployed in the period 2018-2019.