Leighton Holdings Ltd (ASX:LEI) has been awarded a US$733 million contract to build an oil export terminal near Basra in Iraq.
The project development and contracting company says it has signed the agreement with Iraq's South Oil Company to install three single point moorings and 120 kilometres of pipelines in the Arabian Gulf.
Single-point moorings enable oil tankers to load offshore through pipeline-connected buoys.
Chief operating officer David Savage says the deal represents the largest and most prominent single-point moorings contract in the Middle East.
Leighton has also installed such facilities off the coast of India, Sri Lanka, Malaysia, Brunei and Tanzania. The most recently awarded contract is Leighton's first Middle eastern offshore project.
Leighton Holdings earned $615.13 million net profit in fiscal 2010.
LEI Price at posting:
$36.53 Sentiment: None Disclosure: Held
