quarterly executive gcc market summary: february 2014...

©2014 Contax Partners Inc. All Rights Reserved. Proprietary and Confidential.Use of this Document is Subject to the Terms Outlined on Slide 2

Quarterly ExecutiveGCC Market Summary:February 2014 - April 2014

Quarterly ExecutiveGCC Market Summary:February 2014 - April 2014

16 May, 2014

©2014 Contax Partners Inc. All Rights Reserved. Proprietary and Confidential.Use of this Document is Subject to the Terms Outlined on Slide 2 2

Confidentiality

This presentation is confidential and intended for the sole use of the client. Theinformation and methodologies outlined herein are proprietary and their expression inthis document is copyrighted, with all rights reserved to Contax Partners. Copying ordistributing this material without prior written permission from Contax Partners isstrictly prohibited.


Contents

GCC Market Trends

GCC Project Capex Overview

Key Project Overview


So what has been happening in the market? (1 of 9)

GCC Market Trends

c.USD 18.9bn worth of projects were awarded between February and April 2014, representing ac.78% increase from c.USD 9.6bn awarded between November 2013 and January 2014

c. 66% of the projects awarded took place in Kuwait, which is a c.97% increase in project awards when comparedto the USD 500mn worth of projects awards in the previous quarter

With over USD 3bn in project awards, the UAE represented the second largest market in terms of awards. Theincrease in project activity was mainly a result of the award of the ADWEA’s IPP at Mirfa worth USD 1.8bn

As a result of the award of the three packages as part of the Clean Fuels project in Kuwait, the refining sectorwitnessed a very strong performance in the last quarter. KNPC awarded c.USD 10.9bn as part of the Clean FuelsProject, representing c.58% of all project awards in the quarter

Other key sectors such as Power and Oil/Gas Production represented a combined c.25% of project awards

Going forward, Contax Partners’ analysis reveals that USD 77.4bn worth of projects are likely to havethe highest possibility of award that could take place in 2014. This represents the total value of Tier 1projects

If only tier 1 projects were to be taken into consideration (coupled with the already awarded projects), then the 2014projects market would represent a c.123% increase from the USD 43.2bn worth of awards in 2013. While projectawards over the last few years have averaged nearly USD 72bn annually, 2014 has started off on a positive notewith a healthy project award ratio

In a highly optimistic scenario where tier 1 and tier 2 projects go ahead, 2014 and the coming 2 years (2014, 2015,2016) would witness c.USD 147.4bn, c.USD 127.6bn and c.USD 45.4bn (likely to increase as 2016 pipelinedevelops over the coming years) in project awards. This scenario however is very unlikely, given the history of lowproject conversion rates in the region

1

2



GCC Market Trends

c.USD 12.8bn worth of new projects have been announced in the quarter. This represents a drop ofc.11% from the previous quarter

The number of project announcements increased to 65 announcements compared with the 41 announcementsmade in the previous quarter

In terms of number of project announcements, Qatar ranked first with 20 new announcements, representing 31%of the market. In terms of value, Saudi Arabia leads, representing the largest share (29%)

Sector wise, most of the announcements were in the Power sector which accounted for c.48% of theannouncements. Pipeline sector ranked second with c.15%

In terms of value of projects announced, the Power sector represented c.41% of the projects announced. Amajority of these were announced by SEC and the Fadhili power project by Saudi Aramco

c.USD 146bn worth of projects were postponed in the first quarter of the year, representing anincrease of c.92% from the previous quarter

Both in terms of number and value of postponements, Saudi Arabia represented more than a third of the projectspostponed. Project postponements in Saudi Arabia in terms of number and value represent c. 32.3% and c.43.5%of the total GCC postponements respectively

The majority of the postponements have been in the power sector. Given that countries within the GCC areexploring gas as a feedstock while many of the gas fields are still under development, we are likely to see furtherpostponements within this sector

In terms of number of projects postponed, the last quarter of 2013 saw 198 projects postponed, compared with asmaller number in the third quarter of 2013

3

4



GCC Market Trends

Kuwait downstream activity gaining pace

After a long delay which spanned several years and retenders, KNPC has awarded the 3 mega packages of theClean Fuels Project (CFP). USD 10.9bn worth of contracts for the 3 mega packages associated with the Clean FuelsProject were awarded this quarter

Mina Al Ahmadi – USD 4.2bn: JGC Corporation (Japan)/SK Engineering & Construction (South Korea)/GS Engineering & Construction (South Korea)

Mina Abdullah 1 – USD 3.5bn: Petrofac (UK)/Samsung Engineering (South Korea)/CB&I Lummus (US)

Mina Abdullah 2 – USD 3.2bn: Fluor Corporation (US)/Hyundai Heavy Industries (South Korea)/Daewoo Engineering & Construction (South Korea)

With the CFP awarded, focus has now shifted on the New Refinery Project (NRP) which will see FEED contract awardwithin the year. Other downstream projects are also in the latter stages of awards

• KNPC has also increased activity on the New Refinery Project (NRP). While the USD 660mn site preparation andsoil improvement contract has been awarded to Van Oord, FEED PQ list is currently being prepared with awardlikely in the third quarter

KNPC - Mina Al Ahmadi - Refinery Gas Fractionation Train 5 has also seen renewed activity. The project ownerhas recently announced the PQ list for the project. These include: 1. Daelim, 2. HDEC, 3. HHI. 4. HyundaiEngineering Company Ltd (HEC), 5. Petrofac, 6. Saipem, 7. Samsung Engineering, 8. SK Engineering, 9.TecnicasReunidas (TR). Project is likely to be awarded by the end of the year

5



GCC Market Trends

Oman makes significant project awards this quarter

From a nearly non-existent petrochemical sector in early 2000’s, Oman has made a series of investments in order toutilize the feedstock produced in its existing refineries and use its strategic position for exports in order to createpetrochemical clusters around its three main port cities: Sohar, Salalah and Duqm

Oman Refineries & Petroleum Industries Company (ORPIC) is planning a USD 3.6bn cracker and petrochemicalscomplex named Liwa Plastics in Sohar. While most of the GCC countries have been producing plastics for severaldecades, this would be one of Oman’s first ventures into this industry

The Liwa complex will also produce polypropylene (PP) and smaller amounts of polyethylene terephthalate (PET),polyvinyl chloride (PVC) and polystyrene (PS)

Projects are being taken on by Oman Oil Company and its subsidiary Takamul Investment Co.. OOC has revivedplans to build a Purified Terephthalic Acid (PTA) and PET complex in Sohar, while Takamul is proposing a PurifiedIsophthalic Acid (PIA) facility also in Sohar

This quarter, BP has also awarded the central gas processing facility as part of the Khazzan & Makarem tight gasfields to a consortium of Consolidated contractors company and Petrofac for a value of USD 1.2bn

New discoveries made in Oman

• Masirah Oil, owned by a JV of Malaysian Hibiscus petroleum and Middles East’s Lime Petroleum has said that ithas said that it has made an oil discovery from the second exploration well in Oman’s block 50 concession. Thediscovery was made after drilling through 3,000m into the cambrian formation

• Australian minerals exploration and mine development company, Alara Resources has announced a significantincrease in the grades of copper sampled from deposits in its potentially promising Washihi prospect in north Oman

6

7



GCC Market Trends

Aramco continues the re-bid process of its mega refinery projects

After nearly a year of speculation on the status of the packages associated with Jizan Refinery IGCC Power Plant(Jizan IGCC), Aramco has decided to re-tender all the packages associated with the project in order to receive lowerquotes. Such is the case for the Ras Tanura Refinery Upgrade project, where all 3 packages are being retendereddue to high quotes received. It is also speculated that Saudi Aramco might drop the aromatics unit from thisprogramme

• In the recent few years, we are noticing an all so common trend by Saudi Aramco to re-tender projects in anattempt to get cheaper quotes. Such has primarily been seen on mega projects where Aramco has an inclinationtowards a non-Korean contractor however as their quote is higher than Korean contractors, the project is re-tendered. The case is particularly apt for the Jizan IGCC and Ras Tanura Clean Fueld Upgrade project, whereseveral non-Korean contractors were invited to bid for the packages. While technical bids were approved,commercial terms of non-Korean contractors were scrutinized greatly in an effort to match Korean prices

• With the financial struggles that several Korean contractors are facing, project owners such as Aramco arelooking to other contractors who in the recent past have not been able to compete with Korean contractors. Withthis change in market conditions, Aramco is more comfortable working with European and Japanese contractorsgiven their stronger financial strength. However, given that Aramco has been used to receiving low quotes fromKorean contractors over the last decade, the new dynamics are not completely being favoured by the projectowner

• On the Ras Tanura project, Aramco was negotiating with JGC to award all 3 packages to the contractor if theyare given a significant discount. But finally it was decided that the project will be retendered completely, withoutthe Aromatics package. Award can be expected by Q4 2014. On the Jizan IGCC, Aramco will receive new bids inMay 2014. Project award is likely in Q3

8



GCC Market Trends

Iraq continues push towards greater downstream investments

Continuing with the trend of major downstream investments in Iraq, over USD 18.5bn worth of refinery project areexpected to be awarded in Iraq in 2014. A majority of these projects are in the final stages of award. 2013 saw nearlyUSD 6.5bn worth of refinery projects announced in Iraq; the highest spend by any country last year

In an ambition to regain its position as one of the key global energy markets, Iraq has increased its downstreaminvestments to supplement the mega upstream awards that have been taking place in the last 3-4 years

In 2013, USD 6.5bn worth of refinery projects were awarded in Iraq, the largest number by value within the GCC.The award of the USD 6bn Karabala Refinery to the consortium of GS Engineering/HDEC/SK Engineering set thetrend for several other projects that are expected to be awarded within the 2014

In 2014, nearly USD 18.5bn worth of refinery projects are expected to be awarded. Q1 2014 has seen QayarahNew Refinery being awarded to Kar Group for USD 800mn. Several other mega refineries are expected to beawarded in the remaining three quarters of the year, the largest being the USD 6.5bn Missan - Oil Refinery andthe USD 6bn Kirkuk - Refinery

While the dominance of Korean contractors have slightly faded within the GCC, their venture into Iraq has beenquite successful, given the low level of competition. It is expected that Korean contractors are favourites to winseveral of these mega refinery projects

While Samsung Engineering has recently been awarded a project worth USD 850mn - the North degassingstation as part of the Zubai field development project. The front runner for the South degassing station isHHI and the central degassing station is Daewoo engineering

9



Region continues to invest in CO2 recovery and injection projects

In an effort to improve recovery rates by as much as 20%, several CO2 capture and injection projects are beingplanned and executed within the GCC. Within UAE, ADNOC’s subsidiaries – ADCO, ZADCO and GASCO are allusing CO2 injection techniques on their existing field. Within Saudi Arabia, Aramco is conducting tests on theUthmaniyah Field which is connected to the super-giant Ghawar oil field

In an effort the increase production from Jurassic fields within the Kingdom, Saudi Arabia has expanded its effortstowards CO2 capture projects. Aramco has recently been conducting an Enhanced Oil Recovery (EOR) projectusing CO2 on the Uthmaniyah Field that is connected with the Ghawar oil field, which has been producing for over60 years

Armco plans to inject 40mn cfd of CO2 captured at the Hawiyah gas plant into the Jurassic reservoir over a 3 yearperiod. The results of this study will determine the potential of using this method towards other larger fieldsincluding Ghawar

Within UAE, several ADNOC entities are using or plan to use EOR on their existing fields. This includes ADCO,ZADCO and GASCO. Projects currently under execution or under planning stage include:

ADCO - Abu Dhabi - Carbon Dioxide Injection Project - Pilot Project - Planned

ZADCO - Lower Zakum - Carbon Dioxide Injection - Planned

MASDAR - Abu Dhabi - Mussafah Steel Industries Rolling Mill Carbon Dioxide Capture & Storage - Execution

GCC Market Trends

10



Growth in construction activity sees new investment in metal factories

c. USD 13bn worth of steel mills to come online by 2015. 45% of these spends will be seen in Saudi Arabia withOman will contribute to 40% of the spends.

In addition to the large investments to be seen within the Steel industry, the region plans to invest c.USD 14bn inupgrades and new Aluminium smelter construction. Four GCC countries are planning to invest c.USD 3bn each inthe coming years

With a growing shortage of steel rebar and sheets within the region due to strong improvement within theregion’s construction sector, several initiatives are being taken by the public and private sector to increaseproduction at existing mills and construct new facilities across the country

Of the USD 13bn of steel mills planned within the region in the coming 2 years, 45% of the mills areexpected to be constructed within Saudi Arabia while 40% of the construction spends will be in Oman

The largest investments are expected to be made by government associated companies. Sabic plans totender USD 4.2bn worth steel plants in Hadeed. The first plant has been planned to come up in Jubail, witha capacity of 1.5 million tons per annum and the second will be built in Rabigh with a capacity of 1.0 milliontons per annum

In Oman, Oman Oil Company (OOC) and Steel Authority of India Limited (SAIL) are in talks to construct aUSD 3bn steel plant. The plant which is currently in the study phase will have a 3 million capacity

In addition to new steel mills being constructed across the region, the region has also increased its focus oninvesting in Aluminium smelters. The region has USD 14.6bn worth project in the pipeline over the comingtwo years. In terms of project spends, the split is fairly even between Saudi Arabia, UAE, Bahrain and Qatar

GCC Market Trends

11



Other topics which made waves in the Energy & Energy related sectors..

• After months of talk, AMEC has finalised a USD 3.3bn offer to take over the engineering firm, Foster Wheeler.This deal will help AMEC have a considerable impact on countries like Saudi Arabia and Qatar and strengthen itsmidstream and downstream capabilities

• After joining hands with Samsung Engineering towards the second half of last year in order to penetrate into theOil & Gas / Energy sector, Arabtec has further decided to create 5 new investment companies. One of thesecompanies will focus only on energy and water related projects in the GCC region

• Occidental Petroleum Corporation (Oxy) has announced its decision to spin off the company’s California assetsinto an independent and separately traded company while shifting its headquarters to Houston, Texas. while thenew headquarters in Houston will be in charge of exploration and production operations in the Permian Basin andother parts of Texas, the Middle East region and Colombia. It will also have a midstream and marketing segmentand a chemical subsidiary, OxyChem; the newly formed company will have major operations in the state’s high-potential oil and gas basins, including Los Angeles, San Joaquin, Ventura and Sacramento

• Qatar Petroleum (QP) has dropped out of a group of state-backed investors seeking to buy a stake inOccidental Petroleum Corp’s (OXY) Middle East business. QP Qatar is weighing buying some or all of thestake on its own while, Abu Dhabi’s Mubadala Development Co and Oman Oil are still interested in ajoint-bid for the stake

• Mubadala, the investment and development company announced new positions for the Chairman& CEO of Masdar. Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board ofMasdar , Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul will be CEO of thecompany

GCC Market Trends

12


Contents

GCC Market Trends




Of the total project Capex in 2014, Energy projectsaccount for c.52% while Non-Energy projects accountfor c.48%

In 2014, Saudi Arabia accounts for c.36% of theprojects followed by UAE and Qatar which account forc.19% and c.18% respectively. 2015 saw a similarpattern with Saudi Arabia accounting for a majority ofthe projects followed by UAE and Qatar with c.39%,c.22% and c.13% respectively. In 2016, Saudi Arabiaaccounts for c. 70%, Kuwait for c.12% and UAE forc.10%

Historically, we have seen the ratio of Energy vs. Non-Energy projects in the region to be almost equal andwe see this trend continuing through the next fewyears

Energy versus Non-Energy project Capex in the GCC

Energy and Non-Energy Projects Capex

Historical & Forecast Energy and Non-Energy*Capex Split2010 - 2016 (USD bn)

*Energy sectors: Alternative Energies, Fertilizer, Gas Processing, Industrial, LNG,Metal, Mining, Oil / Gas Exploration, Oil / Gas Production, Petrochemicals, Pipeline,Power, Refining, Water and WasteSource: Contax Partners Analysis, Apr 2014

76 67 64104

194 190

72

75 78 64

45

210174

64

0

50

100

150

200

250

300

350

400

450

2010 2011 2012 2013 2014 2015 2016

Non-Energy Energy


In 2014, Saudi Arabia accounts for c.35% of the Non-Energy projects followed by UAE and Qatar whichaccount for c.26% and c.22% respectively.

Similar to 2014, in 2015, Saudi Arabia will account fora majority of the projects followed by UAE and Qatarwith c.45%, c.21% and c.14% respectively. In 2016,Saudi Arabia will account for c. 80%, UAE for c.11%and Kuwait for c.6%

All GCC countries saw an increase in their Non-Energy spends for the year 2014 compared to 2013.Bahrain, Oman and Kuwait saw the highest increasesin Non-Energy project spends of c.574%, c.327% andc.222% respectively from 2013 to 2014

Non-Energy Projects Capex by Country in the GCC

Non-Energy Projects Capex by Country

Historical & Forecast Non-Energy* Capex Split byCountry2010 - 2016 (USD bn)

*Non-Energy sectors: Construction and InfrastructureSource: Contax Partners Analysis, Apr 2014

31 3117

4869

8558

23 1624

31

5140

88 11 13

16

42 26

17 4 7

5

1519

453 2

3

179

21

1

1

411

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016

Saudi Arabia UAE Qatar Kuwait Oman Bahrain


In 2014, Saudi Arabia accounts for c.36% of theEnergy projects followed by Kuwait and Qatar whichaccount for c.22% and c.15% respectively.

In 2015, we anticipate Saudi Arabia to account for amajority of the projects followed by UAE and Omanwith c.32%, c.24% and c.18% respectively. In 2016,Saudi Arabia accounts for c. 58%, Kuwait for c.19%and UAE for c.8%

Compared to the previous year, all GCC countries willsee an increase in Energy project spends for 2014. Ifall projects go ahead as planned, Kuwait will see anincrease of c.752% while Oman and Qatar will see anincrease of c. 696% and c.563% respectively

Energy Projects Capex by Country in the GCC

Energy Projects Capex by Country

Historical & Forecast Energy* Capex Split byCountry2010 - 2016 (USD bn)


3346 42

17

7556

38

2413

9

15

2642

5

7 64

5

46

19

12

4 65

4

28

31

24 7

4

5

17

19

2

3 1

4

7

5

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016

Saudi Arabia UAE Kuwait Oman Qatar Bahrain


c.USD 163bn worth of non energy projects areplanned for award between Q2 2014 until Q4 2014,c.USD 353bn until Q4 2015 and c.USD 424bn until Q42016

Of the awarded projects in 2014, Qatar accounts forc.38% while UAE accounts for c. 37% of the awardedCapex

Of the future 2014 Capex, Saudi Arabia accounts forc.40% while UAE and Qatar account for c.24% andc.29% respectively.

In 2015, Saudi Arabia accounts for c.45% of futureCapex followed by UAE accounting for c.21% andQatar accounting for c.14%. Saudi Arabia continues toaccount for the majority of future Capex having c.80%of planned projects in 2016

If all non energy projects go ahead as planned in2014, there will be an c.87% increase in projectactivity in 2014 when compared to 2013

Non-Energy Projects Capex by Sectors in the GCC

Non-Energy Projects Capex by Sectors

Historical & Forecast Non-Energy* Capex Split bySector2010 - 2016 (USD bn)

*Energy sectors: Construction and InfrastructureSource: Contax Partners Analysis, Apr 2014

76 67 64

104

31

53

6037

110130

34

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016

Awarded Infrastructure Construction


c.USD 188bn worth of projects are planned for awardbetween Q2 2014 until Q4 2014, c.USD 362bn untilQ4 2015 and c.USD 426bn until Q4 2016

Including the projects awarded in 2014, there is arevision of c.17% decrease in the estimated projectsplanned for award in 2014 compared to the previousquarter where an estimation of c. USD 253bn projectswas initially planned for award this year

The revised future Capex stands at c. 426bn which ismore than nine times the awarded projects in 2013and hence a further drop in future Capex can beexpected

Of the awarded projects in 2014, Kuwait accounts forc.57% while Saudi Arabia accounts for c. 19% of theawarded Capex

The Power sector will account for 22% of the futureCapex while the Oil & Gas Production sector willaccount for c.16%

Saudi Arabia will account for c.39% of the future GCCCapex until Q4 2016 whereas UAE and Kuwait willaccount for c.17% and c.15% of the future GCCCapex respectively

c.USD 426bn worth of project awards are planned between Q2 2014and Q4 2016 with Power and Oil & Gas Production representing c.39%of future Capex

Energy Projects Capex by Sectors

Historical & Forecast Energy* Capex Split by Sector2010 - 2016 (USD bn)


75 7864

4522

41

3717

50

10

8

16

32

12

17

20

2

64

74

26

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016

Awarded Power

Oil / Gas Production Petrochemicals

Refining Others


To develop a more realistic view of the future project landscape,Contax Partners segregates all planned projects into 3 ‘likelihood ofproceeding’ tiers

Guidelines for project tiering

Project Segregation Description Examples of factors considered

High probability of funding (either throughlimited international financing or government)

Considered essential

Guaranteed access to feedstock, etc.

Tier 1 Projects Greater than 70% likelihood of

proceeding in the currentmarket

Tier 2 Projects Between 40% and 70%

likelihood of proceeding in thecurrent market

Impacted by declining availability of projectfinancing

Impacted by the global economic situationwith respect to oil prices, etc.

Impacted by decrease in demand forpetroleum/chemical products

Tier 3 Projects Lower than 40% likelihood ofproceeding in the currentmarket

Heavy dependency on international projectfinancing

Considered non-essential in terms of acountry’s master plan

Impacted by the slowing economy and/ordepressed oil prices, etc.


Tier 1 and 2 Energy projects account for c.75% of the planned projectsbetween Q2 2014 and Q4 2016

Energy Projects Capex by Tiers

Tier 1 and 2 projects account for c.79% of the totalfuture planned Capex for 2014, c.73% for 2015 andc.71% for 2016

If all Tier 1 and 2 projects go ahead, 2014 will seec.USD 147bn projects awarded with c.27% of thoseprojects in the Oil & Gas Production sector and c.26%of those projects in the Power sector. Likewise, 2015will see c.USD 127bn worth of projects awarded, withthe Petrochemicals sector accounting for c.24% ofthose awards followed by Power with c.22%. 2016 willsee c.30% of its project awards in the Power sector

Tier 1 projects due for award in 2014 are estimated tobe c.USD 77bn. In addition to the awarded projects forthis year, if all Tier 1 projects in 2014 are awarded,this year will see c.USD 99bn worth of projectsawarded. This is a c.4% increase from what wasprojected in the previous quarter and is a c.122%increase from the c.USD 43.2bn awarded in 2013

Historical & Forecast Energy* Capex Split by Tier2010 - 2016 (USD bn)


9379 73

4322

77

26 4

70

101

42

40

46

19

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016

Awarded Tier 1 Tier 2 Tier 3


Tier 1 Energy Projects split by Country and Sector in the GCC

21

34%

24%

16%

11%

10%6%

Saudi Arabia Qatar OmanKuwait UAE Bahrain

Tier 1 Energy Projects split by Country and Sector

A deeper analysis on Tier 1 Energy projects illustratesthat a majority of the projects will take place in SaudiArabia, c.USD 36.4mn, followed by Qatar and Omanwith c.USD 25.5mn and c.USD 17mn respectively

Of the Tier 1 Energy projects planned for award in2014, Saudi Arabia accounts for c.38% of the spendswhile Qatar accounts for c.30%.

Similarly, for Tier 1 Energy projects in 2015, Oman willaccount for c.40% spends while Bahrain will accountfor c.23% spends. In 2016, Saudi Arabia will accountfor c.52% while Kuwait will account for c.48% spends

c.USD 29.4bn worth of projects in the Power sectoraccount for 27% of total Tier 1 projects whereasc.USD 20.8bn worth of projects in the Petrochemicalsector account for 19% of total Tier 1 projects

If all Tier 1 Energy projects go ahead, 2014 will seec.USD 22.4bn worth of projects in the Power sectorand c.USD 15bn worth of projects in the Oil & GasProduction sector.

2015 will see c.USD 11.3bn worth of projects in thePetrochemicals sector and c.USD 7.4bn worth ofprojects in the Refining sector. 2016 will see c.USD3.7bn worth of projects in the Power sector

27%

19%16%

15%

23%

Power PetrochemicalsRefining Oil/Gas ProductionOthers

Tier 1 projects split by Country from 2014 to 2016

Tier 1 projects split by Sector from 2014 to 2016


Contents

GCC Market Trends




Compared to the previous quarter, Q1 2014 has seen a project awardsincrease of c.98%

Awarded Projects

GCC Projects Awarded Split by CountryFebruary 2014 - April 2014, USD bn

Note: Project awards refers to the EPC project awards between Feb and Apr 2014(referred as Q1 2014 in the current analysis). Comparison is made with EPC projectawards in Nov 2013 - Jan 2014 (referred as Q4 2013 in the current analysis)Source: Contax Partners Database, Contax Partners Analysis, Apr 2014

c.USD 18.9bn worth of projects were awardedbetween February 2014 and April 2014, which isc.98% more than those awarded in Q4 2013

Kuwait accounts for c.66% of the total projectsawarded this quarter. This is due to Kuwait's CleanFuels mega project worth c.USD10.9bn which wasdelayed by 4 quarters. All three packages - MAA,MAB Package 1 and MAB Package 2 – were awardedthis quarter.

While Kuwait significantly contributes to the projectawards for this quarter, the UAE represents the nextlargest share of c. 16%

Saudi Arabia and Oman saw a fall in project awardsby 72% and 32% respectively

While last quarter saw sectors such as Fertiliser,Refining, and Pipeline represent a larger share ofawards, c. 86% of this quarters awarded projects isrepresented by sectors such as Refining, Power, andOil & Gas Production

4.6

1.3

2.2

1.5

1.5

3.0

0.8

0.5

0.5

12.6

0

2

4

6

8

10

12

14

16

18

20

Nov 2013 - Jan 2014 Feb 2014 - April 2014

Saudi Arabia Oman UAE Qatar Kuwait Bahrain

USD 18.9bn(41 Projects)

98%



Compared to the previous quarter, Q1 2014 witnessed a c.11% drop innew project announcements

Announced Projects

GCC New Project Announcements Split by CountryFebruary 2014 - April 2014, USD bn

Note: Comparisons are made with new project announcements made between Feband Apr 2014 (referred as Q1 2014 in the current analysis) and Nov 2013 - Jan 2014(referred as Q4 2013 in the current analysis)Source: Contax Partners Database, Contax Partners Analysis, Apr 2014

While c.USD 14.4bn worth of projects wereannounced between November 2013 and January2014, c.USD 12.8bn worth of projects wereannounced this quarter which is a c.11% fall inannouncements from the previous quarter

Last quarter, Qatar accounted for the largest share ofannounced projects worth c.USD6.7bn which hasdropped by c.74% this quarter to c.USD 1.7bn.Similarly, Kuwait saw a c. 51% drop in announcedprojects from c.USD 2bn to c.USD 1bn

On the contrary, Oman, UAE, and Saudi Arabia sawan increase in projects announcements by c.98%,c.75% and c.60% respectively

c.USD 5bn worth of projects were announced in thePower sector which accounts for c.41% of theannounced projects this quarter

Projects within the Water and Waste and Oil & GasProduction sectors accounted for c.12% and c.11% ofthe new project announcements respectively

6.7

1.7

2.3

3.7

2.0

1.0

1.9

3.4

1.5

3.0

0

2

4

6

8

10

12

14

16

Nov 2013 - Jan 2014 Feb 2014 - April 2014

Qatar Saudi Arabia Kuwait UAE Oman Bahrain


11% USD 12.8bn(65 Projects)


Between February 2014 and April 2014, the GCC Energy sectors sawc.92% increase in projects being postponed

Postponed projects

GCC Project Postponements By CountryFebruary 2014 – April 2014, USD bn

Note: Project postponement refers to the change in project schedule which took placebetween Feb and Apr 2014 (referred as Q1 2014). Comparison is made with projectpostponements which took place between Nov 2013 - Jan 2014 (referred as Q4 2013)Source: Contax Partners Database, Contax Partners Analysis, Apr 2014

c.USD 145.7bn worth of projects were postponedbetween February 2014 and April 2014, representinga c.92% increase compared to Q4 2013

From the c.USD 145.7bn worth of projects which havebeen postponed in this quarter, c.USD 33.6bn worth ofthose projects were supposed to be awarded in thefirst quarter of 2014

Saudi Arabia accounts for the highest share in projectpostponements worth c.USD 63.3bn which is c.44% ofthe total project postponements in the quarter

While only UAE saw a decrease in projectpostponements made this quarter, all other GCCcountries saw an increase in project postponementswhich were made in this quarter

Of these postponements, the Power sector accountedfor c.20% while Refining and Alternative Energiessectors witnessed c.15% and c.14% delaysrespectively

29.3

63.319.2

21.2

12.9

31.5

11.9

11.6

2.3

12.8

0.5

5.4

0

20

40

60

80

100

120

140

160

Nov 2013 - Jan 2014 Feb 2014 - April 2014

Saudi Arabia Oman Kuwait UAE Bahrain Qatar


92%



APPENDIX (Awarded Projects)

UAE

Project SectorContract

Value(USD m)

EPC Contractor

Kuwait National Petroleum Company (KNPC) - Kuwait - Clean FuelsProject (CFP) - Mina Al Ahmadi Upgrade (MMA)

Refining 4200GS Engineering/JGCCorporation/SK Engineering

Kuwait National Petroleum Company (KNPC) - Kuwait - Clean FuelsProject (CFP) - Mina Abdullah Refinery (MAB) - Pk 1

Refining 3500Chicago Bridge & Iron Company(CB&I)/Petrofac/SamsungEngineering

Kuwait National Petroleum Company (KNPC) - Kuwait - Clean FuelsProject (CFP) - Mina Abdullah Refinery (MAB) - Pk 2

Refining 3200 Daewoo Engineering/Fluor/HHI

Kuwait National Petroleum Company (KNPC) - Al Zour - New RefineryProject - Site Preparation & Soil Improvement

Refining 660 Van Oord Gulf FZE

Kuwait - Ministry of Electricity and Water (MEW)/Kuwait Institute forScientific Research - Shagaya - Phase 1: Renewable Thermal SolarPower Plant

AlternativeEnergies

490Grupo ACS/United GulfEnterprises General Trading &Contracting Company WLL

Kuwait Oil Company (KOC) - Kuwait - Construction of Flowlines andAssociated Works in South & East Kuwait Areas

Pipeline 275 Ali Alghanim & Sons Group

Kuwait - Ministry of Energy (ELECTRICITY & WATER) - Subiya - 400kVOHL from Subiya Power Station and Al Zour Transformer Station

Power 110Abdul Latif Ali Al Jassar & Sons forGeneral Trading &Contracting/Jyoti Structures Ltd

Kuwait - Ministry of Energy (ELECTRICITY & WATER) - Kuwait - Jaber alAhmed & Omariya Main Transformer Station

Power 80 Siemens AG

Kuwait Oil Company (KOC) - Kuwait - Burgan Gas Pipeline Replacement Pipeline 60Al Khadda International GeneralTrading & Contracting Company

Total 12575

Source: Contax Partners Database, Contax Partners Analysis, Apr 2014



UAE


Value(USD m)

EPC Contractor

ADWEA/Private Developer - Mirfa - IWPP Power 1800 HDEC

Abu Dhabi Marine Operating Company (ADMA-OPCO) - Zakum Field -ADMA-OPCO - Modifications of Gas Injectors

Oil / GasProduction

250 McDermott International

Supervision Committee for the Expansion of Abu Dhabi InternationalAirport (SCADIA) - Abu Dhabi - International Airport District CoolingSystem

Water andWaste

200 Shinryo Corporation

ZADCO - Abu Dhabi - Zirku Island Power Upgrade Project Power 175 ABB

Dubai Petroleum Establishment (DPE) - Dubai - DPE - Al-Jalila OilfieldOffshore B Platform & Pipelines

Oil / GasProduction

140 Technip

Vopak Horizon Fujairah Limited - Fujairah - Terminal Expansion - Phase 7:Onshore

Oil / GasProduction

100 Audex Pte Ltd

ADCO - North East Bab - Rumaitha CO2 injection pilot projectOil / Gas

Production70

Alsa Engineering andConstruction Company LLC

Dana Gas - Ajman - Zora Gas Field Development: Gas Processing Facility Gas Processing 70 Exterran

Kaloti Jewellery Group - Dubai - Gold and Precious Metal Refineries Metal 57United EngineeringConstruction (UNEC) LLC

Tabreed / Aldar Sorouh Properties - Abu Dhabi - Expansion of DistrictCooling Plant

Water andWaste

50Belhasa Engineering &Contracting Company




UAE


Value(USD m)

EPC Contractor

Al Ghurair Iron & Steel (AGIS) - Mussafah - Steel Plant - Phase 2 Metal 40 Mabani Steel

Dubai Electricity & Water Authority (DEWA) - Dubai - DEWA - 132 kV CableLaying Works

Power 40 Gulf Jyoti International LLC

Dana Gas - Ajman - Zora Gas Field Development: Pipeline Package Pipeline 25 NPCC

Total 3017




Oman


Value(USD m)

EPC Contractor



Value(USD m)

EPC Contractor

BP Global - Khazzan & Makarem - Tight Gas Fields - Full Field Development(FFD) - Gas Processing Plant

Oil / GasProduction

1200Consolidated ContractorsCompany (CCC)/Petrofac

Majis Industrial Services Company (MISC) - Sohar - Seawater PumpingStation 2

Water andWaste

70BESIX Group/TecnicasReunidas (TR)

Oman Wastewater Services Company (HAYA WATER) - Al Amerat - Sewer& Treated Effluent Pipelines : Northern Area

Water andWaste

70Consolidated ContractorsCompany (CCC)

Oman Electricity Transmission Company SAOC (OETC) - Ibra - Grid Station(132/33 kV) and Connecting Mudhairib OHL

Power 35Bahwan EngineeringCompany

Muscat Electricity Distribution Company - Oman - Azaiba South UpgradingOf 33/11 kV Primary Substation


Muscat Electricity Distribution Company - Muscat - 3X20 MVA,33/11 kVPrimary Subsation

Power 25 Sharikat Fanniya Omaniya

Muscat Electricity Distribution Company - Muscat - Airport HeightsPrimary Substation (33/11 kV)


Muscat Electricity Distribution Company - Muscat - 3X20 MVA PrimarySubstation


Oman - Ministry of Regional Municipalities, Environment & WaterResources (MRMEWR) - Oman - Sewerage Network and SewageTreatment Plant at Al-Musannah

Water andWaste

20SMC Infrastructures PrivateLtd/STFA Construction Group

Total 1495



Saudi Arabia


Value(USD m)

EPC Contractor

PETRO-RABIGH - Rabigh - II Refining and Petrochemical Project - CP2 -Caprolactam & Nylon-6

Petrochemicals 980 Daelim

Saudi Electricity Company (SEC) - Saudi Arabia - Integration of RBG-3Power Plant and RBG IPP-2

Power 165

Al Sharif Group forContracting &Development/KECInternational Ltd

National Water Company (NWC) - Al Khumrah - 2 & 3 WWTPRehabilitation

Water andWaste

65Abuljadayel Co forContracting & Maintenance

Royal Commission for Jubail & Yanbu (RCJ&Y) - Ras Al Khair - Sea WaterPump Station

Water andWaste

50 Faisal Electro-Mechanical Co

Saudi Cement Company - Saudi Arabia - New Cement Mills (2 nos) Industrial 20 Sinoma International

Total 1330




Qatar


Value(USD m)

EPC Contractor

Kuwait - Ministry of Energy (ELECTRICITY & WATER) - Doha - MEW - WestPower & Desalination Plant: Steam Turbines & Generators Renovation

Power 260 HEISCO/MHI

QP - Qatar - National Security Shield (NSS)Oil / Gas

Production200 Technip

Dolphin Energy Limited (DEL) - Ras Laffan - Industrial City: New GasPipeline

Pipeline 50 Larsen & Toubro (L&T)

Total 510




Bahrain


Value(USD m)

EPC Contractor

Bahrain Petroleum Company (Bapco) - Bahrain - Bapco - Replacement ofLow Sulphur Fuel Oil Substation

Refining 30 JGC Corporation

Bahrain - Dilmunia Health Island: 66kV Primary Substation Power 10 Cebarco

Total 40



APPENDIX (Announced Projects)

Saudi Arabia


Country Project Name SectorBudgetValue

(USD m)

EPCAwardDate

Details

SaudiArabia

Saudi Arabian Oil Company (SAUDIARAMCO) - Saudi Arabia - FadhiliPower Plant

Power 1500 2015 Q21500MW Cogeneration power plant, Combined cyclegas turbines and Associated facilities

SaudiArabia

Saudi Electricity Company (SEC) -Tabuk - Duba Integrated SolarCombined Cycle (ISCC) Power Plant(Phase I)

AlternativeEnergies

600 2015 Q1

Parabolic trough collector, Solar thermal powerstation, Gas turbines, Steam turbine, HRSG, Aircondenser, Air-cooled turbo generators, Cylindro-parabolic mirrors, Water pipes, Waste heat boiler,Substation and Associated facilities

SaudiArabia

National Industrialisation Company(TASNEE) - Yanbu - TitaniumSponge Plant

Industrial 420 2015 Q1Titanium sponge plant (15,600 t/y) and Associatedfacilities

SaudiArabia

Saudi Electricity Company (SEC) -Saudi Arabia - 380kV Al-ZulfiSubstation (9064)

Power 100 2014 Q4 380kV Substation and associated faclitities

SaudiArabia

Saudi Electricity Company (SEC) -Qassim - 380kV Qassim-5Substation (9059)

Power 100 2014 Q4 380kV Substation and Associated faclitities

SaudiArabia

Watania Steel - Saudi Arabia - AlWatani Steel Expansion

Metal 100 2015 Q1Square billet & rebar (1200000 million tonnes peryear) and Associated facilities

SaudiArabia

Saudi Electricity Company (SEC) -Dhahran - South Substation (Phase2, 380kV)

Power 100 2014 Q4 380kV Substation and Associated facilities

SaudiArabia

Saudi Electricity Company (SEC) -Dammam - 380kV North Substation




Saudi Arabia


Country

Project Name SectorBudgetValue

(USD m)

EPCAwardDate

Details

SaudiArabia

Saudi Electricity Company (SEC) -Saudi Arabia - Abha East to JazanRefinery Interconnection

Power 100 2015 Q4 Cables and Associated facilities

SaudiArabia

Saudi Electricity Company (SEC) -Saudi Arabia - 380kV KhuzamSubstation


SaudiArabia

Saudi Electricity Company (SEC) -Saudi Arabia - 380kV AziziyahSubstation (9044)


SaudiArabia

Saudi Electricity Company (SEC) -Riyadh - PP9 Combined Cycle PowerPlant

Power 80 2015 Q4Turbines, HRSG, Transformers, Switchgear, Fueltreating and conditioning unit, Offsites & utilitiesand Associated facilities

SaudiArabia

Saudi Electricity Company (SEC) -Faras - Combined Cycle Power Plant

Power 80 2015 Q4

Turbines, Heat Recovery Steam Generator (HRSG),Transformers, Switchgear, Fuel treating andconditioning unit, Offsites & utilities and Associatedfacilities

SaudiArabia

Saudi Electricity Company (SEC) -Saudi Arabia - 380kV Al-RemalSubstation (9046)


SaudiArabia

Saline Water Conversion Corporation(SWCC) - Shoaiba - DesalinationPlant Expansion: Phase 2

Water andWaste

80 2014 Q3 Desalination Plant and Associated facilites



Saudi Arabia


Country

Project Name SectorBudgetValue

(USD m)

EPCAwardDate

Details

SaudiArabia

Royal Commission for Jubail & Yanbu(RCJ&Y) - Ash Sharqiyah - Sea WaterCooling Supply & ReturnsWorks,Phase 1

Pipeline 50 2014 Q2

Parallel supply lines, Single return pipeline, Stormwater system, Drainage channel, Outfall structure,System isolation valves, Air vacuum/release valves,7 Electrical buildings and Associated facilities

SaudiArabia

ADCO - Shoaiba - South ProductionEnhancement: Gas lift: Phase I

Pipeline 50 2014 Q2Gas gathering, Compressors, Pipelines, Valves andAssociated facilities

Total 3700



UAE



(USD m)

EPCAwardDate

Details

UAEFujairah - Petrixo Group - FujairahBio-fuel Refinery

Refining 800 2015 Q2Bio-fuel refinery (1 million tonnes a year (t/y) andAssociated facilities

UAEDubai Electricity & Water Authority(DEWA) - Jebel Ali - M StationExpansion

Power 800 2016 Q1 600MW Power Plant and Associated facilities

UAEBab - Abu Dhabi Company forOnshore Oil Operations - IntegratedFacilities Project Exp

Oil / GasProduction

500 2015 Q2 350,000 bpd Oil production and Associated works

UAEADCO - Habshan - DirectDepressurising (HDD-1) Project

Oil / GasProduction

350 2014 Q2 Direct depressurising Unit and Associated facilities

UAEAbu Dhabi National EnergyCompany (TAQA)/FEWA - Al Zawra- Independent Water Project (IWP)

Water andWaste

200 2015 Q2Sea water reverse osmosis plant, Sea water intake,Pumps, Pressure exchangers, Membranes,Remineralisation and Asscoiated facilities

UAEGASCO - Abu Dhabi - PowerGeneration Unit (Project no : 5283)

Power 200 2014 Q4Turbines, Transformers, Switchgears andAssociated facilities

UAESocar Aurora - Fujairah - SocarAurora - Oil Storage Terminal: TruckUnloading Facility

Oil / GasProduction

100 2014 Q2Ship loading & discharge facility, Truck loadingfacility and Associated works

UAESharaf Group - Hamriya - HamriyahFree Zone: Storage Terminal

Oil / GasProduction

100 2014 Q2 Storage terminal and Associated works



UAE



(USD m)

EPCAwardDate

Details

UAEFEWA - Sharjah - WaterDistribution Pipelines in 3 Locations(57W/2014)

Pipeline 80 2014 Q2Water distribution pipelines and Associatedfacilities

UAEDubai Electricity & Water Authority(DEWA) - Dubai - Installation of132 KV Cables for 5 Substations

Power 80 2014 Q3 132kV Cables and Associated facilities

UAESharjah - Kismat International -Petroleum Terminal (Storage TankTerminal)

Oil / GasProduction

50 2014 Q3Petroleum terminal (160,000 cubic metres) andAssociated works

UAEDubai - Emirates ExtrudedPolystyrene - Polystyrene PlantExpansion

Industrial 30 2015 Q1Polystyrene sheets manufacturing facility andAssociated facilities

UAEFEWA - Ras Al Khaimah - NetworkExtension in South Dhait & RamsDaya (56W/2014)

Pipeline 30 2014 Q3Water distribution pipelines and Associatedfacilities

UAEADGAS - Abu Dhabi - FHER:Package III: SRU Schemes 8 and 16

GasProcessing

30 2014 Q2Modifications/refurbishment project of SRUscheme 8 and 16 and Associated facilities

Total 3350



Oman



(USD m)

EPCAwardDate

Details

OmanBP Global/Government of Oman- Duqm - Petrochemical Project:Acetic Acid Plant

Petrochemicals 1000 2015 Q4Gas turbine driven air compressor, Reactors,Compressors, Distillation unit, Offsites andassociated utilities

OmanOman Power and WaterProcurement Company (OPWP) -Batinah - Suwaiq IPP

Power 1000 2015 Q1 3000-3500 MW Power and Associated Facilities

OmanOman Power and WaterProcurement Company (OPWP) -Batinah - Suwaiq IWP

Water andWaste

500 2015 Q1 Water (227,304 m3/day) and Associated Facilities

Oman

Oman - Public Authority forElectricity & Water (PAEW) -Bausher - Expansion Of WaterDistribution Networks: Package 1

Pipeline 30 2014 Q4 Distribution Networks and Associated Facilities

OmanBP Global - Muscat - Gas ExportPipeline

Pipeline 300 2015 Q1Carbon Steel Export pipeline (60 kms , 36'') andAssociated facilities



Oman



(USD m)

EPCAwardDate

Details

Oman

Oman Wastewater ServicesCompany (HAYA WATER) - AlAmerat - Waste Water Project:Northern Area: Sewer & EffluentPipelines

Pipeline 70 2014 Q2Lateral Sewers, Rider Sewers, House ConnectionSewers, Trunk Sewers and Associated facilities

Oman

Oman Wastewater ServicesCompany (HAYA WATER) - AlAmerat - Waste Water Project:Eastern Area: Sewer & EffluentPipelines

Pipeline 75 2014 Q2Lateral Sewers, Rider Sewers, House ConnectionSewers, Trunk Sewers and Associated facilities

Total 2975



Qatar



(USD m)

EPCAwardDate

Details

QatarKAHRAMAA - Qatar - WaterSecurity Mega Reservoirs: WaterReservoirs: Site-5: Abu Nakhla

Water andWaste

300 2014 Q3Construction of 5 reservoirs (Capacity of 97 MIGeach) and Associated facilities

QatarQP - Dukhan - Dukhan NitrogenStorage & Distribution Facility

Oil / GasProduction

300 2015 Q3Liquid nitrogen storage and distribution system,high pressure gaseous nitrogen cylinder fillingfacility and Associated Facility

Qatar

Public Works Authority (ASHGHAL)- Doha - IDRIS (Package-2): MainTrunk Sewer: Southern Segment:MTS-03

Water andWaste

180 2014 Q3 Deep tunneling works and Associated facilities

Qatar

Public Works Authority (ASHGHAL)- Doha - IDRIS (Package-2): MainTrunk Sewer: Central Segment:MTS-02

Water andWaste


QatarMesaieed - EPS Qatar - IndustrialCity: EPS Plant

Petrochemicals 151 2015 Q2Distillation units, Reaction chambers, Fractionatingcolumns and Associated facilities

Qatar

Public Works Authority (ASHGHAL)- Doha - IDRIS (Package-2): MainTrunk Sewer: North Segment:MTS-01

Water andWaste




Qatar



(USD m)

EPCAwardDate

Details

QatarKAHRAMAA - Qatar - TransmissionPhase 11: Stage 1: Addendum: S 12

Power 75 2014 Q2

Substations, Gas-insulated switchgear, Air-insulatedswitchgear, Transformers, Substation control andmonitoring system, Protection andtelecommunication system, DC system andauxiliaries, Cables, Associated facilities

QatarKAHRAMAA - Qatar - TransmissionPhase 11: Stage 1: Addendum: C17










QatarKAHRAMAA - Qatar - TransmissionPhase 11: Stage 1: Addendum: S13

Power 30 2014 Q2

Substations, Gas-insulated switchgear, Air-insulatedswitchgear, Transformers, Substation control andmonitoring system, Protection andtelecommunication system, DC system andauxiliaries, Cables and Associated facilities



Qatar



(USD m)

EPCAwardDate

Details


Power 30 2014 Q2



Power 15 2014 Q2



Power 15 2014 Q2





Power 10 2014 Q2

Substations, Gas-insulated switchgear, Air-insulatedswitchgear, Transformers, Substation control andmonitoring system, Protection andtelecommunication system and DC system andauxiliaries, Cables and Associated facilities



Qatar



(USD m)

EPCAwardDate

Details

QatarQP - Dukhan - Jabel Tank WaterStorage Capacity Expansion

Water andWaste

10 2014 Q3 Potable water tanks and Associated facilities


Power 10 2014 Q2


Total 1721



Kuwait



(USD m)

EPCAwardDate

Details

Kuwait

Kuwait - Ministry of Energy(ELECTRICITY & WATER) - Kuwait -Solar Groundwater ReservoirPumping System

AlternativeEnergies

600 2015 Q3PV Solar energy units, Associated equipment andAssociated facilities

Kuwait

Kuwait - Ministry of Energy(ELECTRICITY & WATER) - Kuwait -Supply & Installation of 11/0.433kVTransformer StationsMEW/73/2013/2014

Power 140 2014 Q4Substation, Transformers, Line reactors,Switchgear, Protection systems and Associatedfacilities

Kuwait

Kuwait - Ministry of Oil (MOO) -Kuwait - Supply and Installation ofNine Substations: 132/11kV(MEW/45/2013-2014)

Power 100 2014 Q3

Substation, Transformers, Gas-insulatedswitchgears, Medium-voltage switchgear, Low-voltage auxiliary systems, Network protectionsystems, Disconnecting switches, Surge arrestors,Feeder breakers & cubicles, Low voltage A/C & D/Cequipments, Battery banks & battery chargers,Related relay & control panel boards, Fire alarm &fire protection equipment, HVAC system, Relatedcivil works, SCADA, Cables, Associated facilities

Kuwait

Kuwait Oil Company (KOC) - Kuwait- Substations & Overhead Lines:Ratqa, Sabriya & Raudhatain (RFP-20121498)

Power 80 2014 Q33 Substations (132/11kV), Overhead lines (132kV)

and Associated facilities



Kuwait



(USD m)

EPCAwardDate

Details

KuwaitKuwait Oil Company (KOC) - Kuwait- Umm Gudair Solar Power Plant(PV)

AlternativeEnergies

30 2014 Q3

Solar cells, Solar panels, Support structure tracking,Related instrumentation and communicationsystems, Inverter, Transformer, SCADA, Met stationand Associated facilities

Kuwait

Kuwait Oil Company (KOC) - Kuwait-Repair,Replacement&RehabilitationServices:Crude Oil Flow Pipelines(S&EK)

Pipeline 30 2014 Q3Repair, replacement and rehabilitation services forcrude oil flow pipelines and Associated facilities

Kuwait

Kuwait Oil Company (KOC) - Kuwait- New Pipeline For Gas &Replace/Convert of GasPipeline(S&EK)

Pipeline 30 2014 Q3Construction of new pipeline, Replacement ofexisting gas pipelines at Burgan and Associatedfacilities

Total 1010


APPENDIX (Postponed Projects)

Saudi Arabia

Note: The above project listing includes postponed projects which were meant for award inQ1 2014 (Feb – Apr 2014)Source: Contax Partners Database, Contax Partners Analysis, Apr 2014

Project Name Sector

Jan 2014 Apr 2014 EPCAwardDelays(Qrts)

AwardDate

ComplDate

AwardDate

Compl Date

Saudi Arabian Japanese Pharmaceuticals ManufacturingCompany (SAJA) - Jeddah - Pharmaceutical Facility Expansion

Industrial 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

National Water Company (NWC) - Wasea - Water Project -Package 3

Water andWaste

2014 Q1 2016 Q1 2014 Q2 2016 Q1 1


Water andWaste

2014 Q1 2016 Q1 2014 Q2 2016 Q4 1

National Water Company (NWC) - Salbuk - Water ProjectWater and

Waste2014 Q1 2015 Q4 2014 Q2 2016 Q2 1

IDEA Soda Ash and Calcium Chloride Company (ISACC) - Jubail -Soda Ash and Calcium Chloride Plant

Petrochemicals 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

National Water Company (NWC) - Jeddah - Airport WastewaterTreatment Plant - Phase 2

Water andWaste

2014 Q1 2016 Q2 2014 Q2 2016 Q3 1

National Water Company (NWC) - Taif - City Airport Road MainLine & Water Network

Pipeline 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1


Water andWaste

2014 Q1 2016 Q1 2014 Q2 2016 Q4 1


Water andWaste

2014 Q1 2016 Q1 2014 Q2 2016 Q4 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Jazan - JizanRefinery IGCC Power Plant: Gasification

Refining 2014 Q1 2017 Q1 2014 Q2 2017 Q2 1



Saudi Arabia


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Saudi Arabian Oil Company (SAUDI ARAMCO) - Shaybah -Conversion of Simple to Combined Power Plant

Power 2014 Q1 2016 Q3 2014 Q2 2016 Q4 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Jazan - JizanRefinery IGCC Power Plant: Sulphur Recovery

Power 2014 Q1 2017 Q2 2014 Q2 2017 Q2 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Jazan - JizanRefinery IGCC Power Plant: Combined cycle Power Plant

Power 2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Mecca Municipality - Mecca - Solid Waste Processing PlantAlternative

Energies2014 Q1 2018 Q4 2014 Q2 2019 Q1 1

National Water Company (NWC) - Riyadh - Water StorageFacilities

Water andWaste

2014 Q1 2017 Q4 2014 Q2 2018 Q1 1

Saudi Basic Industries Corporation (SABIC)/Saudi Kayan - Jubail -Ethylene Vinyl Acetate Plant


Royal Commission for Jubail & Yanbu (RCJ&Y) - Ras Al Khair -Industrial Wastewater Treatment Plant

Water andWaste

2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

FEWA - Qurayyah - FEWA - Water Transmission Pipeline (DN-1000)

Pipeline 2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Ghawar -Installation of SCADA systems at SAOO fields

Oil / GasProduction

2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Saudi Arabian Mining Company (MA'ADEN) - Ras Al Khair -Phosphate Development Phase 2 - Pkg 8 - Enabling Works /O&U / Infrastructure

Fertilizer 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1



Saudi Arabia

Note: The above project listing includes postponed projects which were meant for award inQ1 2014 (Feb – Apr 2014)

Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

International Investment & Development (IDEA) - West Khobar -Solar Panel Plant

AlternativeEnergies

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Jazan - JizanRefinery IGCC Power Plant: Offsites and utilities

Power 2014 Q1 2017 Q2 2014 Q2 2017 Q3 1

Mecca Municipality - Mecca - Solar Power ProjectAlternative

Energies2014 Q1 2015 Q4 2014 Q2 2018 Q1 1

Saudi Arabian Mining Company (MA'ADEN) - Umm Wu'al -Phosphate Development Phase 2 - Pkg 6 - Enabling Works / O&U /Infrastructure

Fertiliser 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Saudi Electricity Company (SEC) - Farasan Island - Solar PowerPlant Expansion

AlternativeEnergies

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Saudi Electricity Company (SEC) - Qassim - Conversion of SimpleCycle to Combined Cycle Turbines

Power 2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Shedgum toYanbu - Pipeline Extension

Pipeline 2014 Q1 2017 Q3 2014 Q2 2017 Q3 1

Saudi Arabian Oil Company (SAUDI ARAMCO) - Ras Tanura -Refinery Clean Fuels and Aromatics Project - Refinery Clean Fuels-Package 2

Refining 2014 Q1 2017 Q3 2014 Q3 2018 Q1 2

Saudi Arabian Oil Company (SAUDI ARAMCO) - Ras Tanura -Refinery Clean Fuels and Aromatics Project - Aromatics Unit-Package 1

Refining 2014 Q1 2017 Q3 2014 Q3 2018 Q1 2

Saudi Arabian Oil Company (SAUDI ARAMCO) - Yanbu - Al-Muajjiz Crude Oil Terminal Rehabilitation

Oil / GasProduction

2014 Q1 2016 Q3 2014 Q3 2017 Q1 2



Saudi Arabia


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Saudi Arabian Mining Company (MA'ADEN) - Waad Al Shamal -Phosphate Development- Phosphate Mines & Utilities

Mining 2014 Q1 2017 Q2 2014 Q3 2017 Q3 2

Saudi Arabian Oil Company (SAUDI ARAMCO) - Saudi Arabia -Reduce Sales Gas Water content at Utymaniyah & Shedgum GasPlants

Gas Processing 2014 Q1 2016 Q1 2014 Q3 2016 Q2 2

Sadara Chemical Company - Jubail - Petrochemical Complex:Sewage Treatment Plant

Water andWaste

2014 Q1 2016 Q1 2014 Q3 2016 Q3 2

Private Developer/Saudi Electricity Company (SEC) - Duba - IPPPhase 3

Power 2014 Q1 2017 Q1 2014 Q4 2017 Q4 3

MMC Corporation Berhad (MMC) / Saudi Binladin Group - Jazan- Economic City - Industrial Zone - Power & Desalination Plant

Power 2014 Q1 2015 Q3 2015 Q1 2016 Q3 4

Cosmos Industrial Investment Co / PMD - Jubail - PolysiliconPlant


National Industrialisation Company (TASNEE) - Yanbu -Integrated Smelter Complex (Copper,Lead and Zinc)

Metal 2014 Q1 2016 Q4 2015 Q3 2017 Q4 6



Kuwait


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Kuwait - Ministry of Electricity and Water (MEW)/Kuwait Institutefor Scientific Research - Shagaya - Phase 1: Electrolite SolarEnergy Plant

AlternativeEnergies

2014 Q1 2018 Q3 2014 Q2 2018 Q2 1

Kuwait - Ministry of Electricity and Water (MEW)/Kuwait Institutefor Scientific Research - Shagaya - Phase 1: Renewable WindFarm Energy Plant

AlternativeEnergies

2014 Q1 2018 Q3 2014 Q2 2018 Q4 1

Aslaa General Trading & Contracting Company - Kuwait - CableManufacturing Plant

Industrial 2014 Q1 2016 Q3 2014 Q2 2016 Q4 1

Kuwait - Ministry of Energy (ELECTRICITY & WATER) - Jaber AlAhmed - MEW - Supply & Installation of 132kV TransformerStations

Power 2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Kuwait - Ministry of Energy (ELECTRICITY & WATER) - Kuwait -132/11kV Main Transformer Stations

Power 2014 Q1 2017 Q3 2014 Q2 2017 Q4 1

Kuwait National Petroleum Company (KNPC) - Mina Al Ahmadi -Depots Additional Tanks & Loading Arms

Oil / GasProduction

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Kuwait Oil Company (KOC) - Kuwait South - Crude Oil GatheringCentre 29, 30 & 31

Oil / GasProduction

2014 Q1 2017 Q4 2014 Q2 2018 Q1 1

Kuwait National Petroleum Company (KNPC) - Mina Al-Ahmadi -MAA Refinery: Pressure Protection System Upgrade for Gas Units

GasProcessing

2014 Q1 2016 Q1 2015 Q1 2017 Q2 4

Kuwait - Ministry of Public Works (MPW) - Kuwait - EgailaPumping Station to Umm AL Hayman Sewage Treatment PlantTransfer

Pipeline 2014 Q1 2015 Q4 2015 Q4 2017 Q4 7



Oman


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Oman - Public Authority for Electricity & Water (PAEW) - WadiDayqah - Water Supply Scheme

Water andWaste

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Oman Wastewater Services Company (HAYA WATER) - Al Amerat- Sewer & Treated Effluent Pipelines : Eastern Area

Water andWaste

2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Oman - Ministry of Regional Municipalities, Environment & WaterResources (MRMEWR) - Oman - Construction of Wadi Al KhoudFlood Protection Dam

Water andWaste

2014 Q1 2017 Q3 2014 Q2 2017 Q4 1

Oman - Public Authority for Electricity & Water (PAEW) - WadiDayqah - Water Treatment Plant of Wadi Dayqah Dam

Water andWaste

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Oman - Rima Fields Cluster: Flowlines (2014 - 2018) Pipeline 2014 Q1 2016 Q1 2014 Q2 2016 Q2 1

Oman - Public Authority for Electricity & Water (PAEW) - WadiDayqah - Water Transmission Pipeline from Water TreatmentPlant of Wadi Dayqah Dam

Pipeline 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Petroleum Development Oman (PDO) - Oman - CondensateRecovery Maximization SR CPP & SNGP

GasProcessing

2014 Q1 2017 Q1 2014 Q2 2017 Q2 1

Oman - Ministry of Regional Municipalities, Environment & WaterResources (MRMEWR) - Oman - Sewage Treatment Plant andSewerage Network System for Ibri

Water andWaste

2014 Q1 2016 Q2 2014 Q2 2016 Q3 1

Oman - Public Authority for Electricity & Water (PAEW) - Duqm -Water Distribution Network for Duqm Port

Pipeline 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1



Oman


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Oman Wastewater Services Company (HAYA WATER) - Oman -Central Sewerage Pumping Station & Darsait Sea Outfall

Water andWaste

2014 Q1 2016 Q1 2014 Q2 2016 Q2 1

Oman Gas Company (OGC) - Salalah - Gas Loop Line ProjectGas

Processing2014 Q1 2016 Q3 2014 Q2 2016 Q1 1

Oman Electricity Transmission Company SAOC (OETC) - Oman -OETC - 132/33kV Al Dreez Grid Station & Ibri OHL

Power 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Rural Areas Electricity Company S.A.O.C. (RAECO) - Musandam -Rural Areas Electricity Company - Khasab Power Station

Power 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Oman Electricity Transmission Company SAOC (OETC) - Muscat -OETC - 132 kV Circuit Reinforcement By Linking Wadi Kabir -Muttrah - Al Falaj

Power 2014 Q1 2016 Q2 2014 Q2 2016 Q3 1

Oman - Public Authority for Electricity & Water (PAEW) - Oman -Grid station at Sohar Free Zone & Upgrade of Liwa Grid Station

Power 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Sohar Industrial Port Company (SIPC) - Sohar - Liquid Jetty Refining 2014 Q1 2016 Q1 2014 Q2 2016 Q2 1

Oman - Public Authority for Electricity & Water (PAEW) - Oman -Water Supply Scheme to Yeti, Al Hesn & Bander Jissah

Water andWaste

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

Oman Electricity Transmission Company SAOC (OETC) - Oman -400/220 kV Grid Station

Power 2014 Q1 2016 Q1 2014 Q2 2017 Q1 1

Public Establishment for Industrial Estates (PEIE) - Sohar - PEIE -Industrial Estate Expansion: Phase 7

Industrial 2014 Q1 2016 Q4 2014 Q2 2017 Q1 1



Oman


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Oman Wastewater Services Company (HAYA WATER) - Muscat -Waste Water Project (Phase II) - Al Amerat WTP & PumpingStation

Water andWaste

2014 Q1 2017 Q3 2014 Q2 2017 Q4 1

Oman Electricity Transmission Company SAOC (OETC) - Oman -OETC - 400 kV Transmission line between Izki and Misfah

Power 2014 Q1 2015 Q4 2014 Q3 2016 Q2 2

Oman Electricity Transmission Company SAOC (OETC) - Muscat -OETC - 400/220 kV Grid Station at Misfah

Power 2014 Q1 2016 Q2 2014 Q3 2016 Q3 2

Petroleum Development Oman (PDO) - Marmul - PolymerProject - Phase 2

Oil / GasProduction

2014 Q1 2015 Q1 2014 Q4 2017 Q4 3



UAE


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

MASDAR - Abu Dhabi - Wind Turbine Power PlantAlternative

Energies2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

MASDAR - Al Ain - Noor Solar Power Plant - Phase 1Alternative

Energies2014 Q1 2016 Q1 2014 Q2 2016 Q2 1

Dubai - Conversion of Waste to CNGGas

Processing2014 Q1 2015 Q3 2014 Q2 2015 Q4 1

Al Dahra Agricultural Company / Grace - Abu Dhabi - FluidCatalytic Cracking (FCC) Catalysts & Additives Plant

Industrial 2014 Q1 2016 Q1 2014 Q2 2016 Q2 1

Middle East Tanking Solutions - Fujairah - New PetrochemicalStorage Tank/Jetty Pipelines

Oil / GasProduction

2014 Q1 2015 Q3 2014 Q2 2015 Q3 1

ADCO - Abu Dhabi - ADCO-NEB:Rumaitha & Shanayel Phase III:CO2 Enhanced Oil Recovery

Oil / GasProduction

2014 Q1 2016 Q3 2014 Q2 2016 Q4 1

Abu Dhabi Ports Company (ADPC) - Khalifa Industrial Zone AbuDhabi (Kizad) - Gas Distribution Network Phase I

Pipeline 2014 Q1 2016 Q1 2014 Q2 2016 Q4 1

Dubai Electricity & Water Authority (DEWA) - Dubai - DEWA -Supply & Installation of 2 Unit 132/11 kV Substation

Power 2014 Q1 2016 Q3 2014 Q2 2016 Q4 1

Ecomar - Fujairah - Petroleum Regeneration and RecyclingFacility

Refining 2014 Q1 2016 Q1 2014 Q2 2016 Q1 1

Dubai Roads & Transport Authority (RTA) - Dubai - Business BayCanal : Creek Extension: Package 2

Water andWaste

2014 Q1 2016 Q2 2014 Q2 2016 Q3 1



UAE


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Utico - Ras Al-Khaimah - Water PlantWater and

Waste2014 Q1 2015 Q4 2014 Q3 2017 Q1 2

Utico - Ras Al-Khaimah - Solar Power Plant (20 MW)Alternative

Energies2014 Q1 2016 Q3 2014 Q4 2017 Q4 3

International Petroleum Investment Company (IPIC)/MubadalaDevelopment Company - Fujairah - LNG Regasification Facility -Phase 1

LNG 2014 Q1 2017 Q3 2014 Q4 2018 Q2 3

Emirates Float Glass Company (EFG) - Abu Dhabi - Glass FactoryExpansion Phase 2

Industrial 2014 Q1 2016 Q4 2015 Q2 2017 Q4 5

Socar Aurora - Fujairah - Oil Storage Terminal - Phase 3Oil / Gas

Production2014 Q1 2016 Q1 2015 Q2 2017 Q1 5



Bahrain


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Bahrain - MEW - Bahrain - 400 kV Transmission Network Power 2014 Q1 2015 Q4 2014 Q4 2018 Q1 3



Qatar


Project Name Sector


AwardDate

ComplDate

AwardDate

Compl Date

Public Works Authority (ASHGHAL) - Doha West - Flow DiversionSchemes for PS12 & PS12A

Water andWaste

2014 Q1 2016 Q4 2014 Q2 2017 Q1 1

KAHRAMAA - Doha - QEZ Desalination Plant: TransmissionPipelines

Pipeline 2014 Q1 2016 Q2 2014 Q2 2016 Q3 1

KAHRAMAA - Qatar - 10 MW Solar Energy Power PlantAlternative

Energies2014 Q1 2015 Q4 2015 Q1 2016 Q3 4


Slide Number: 58©2008 Contax FZ. All Rights Reserved. Proprietary and Confidential.Use of this Document is Subject to the Terms Outlined on Page 2

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