Transfield Services Ltd
(ASX:TSE) U.S. oil and gas specialist company TIMEC, has renewed its long-term agreement with energy producer Chevron for a further five years.
The company says the average yearly revenue from the contract over the last three years was approximately $50 million a year.
As part of the contract TIMEC will continue to provide Chevron with routine maintenance, turnarounds and minor capital works services across its oil refineries in Pascaguola, Mississippi, El Segundo and Richmond, California, Salt Lake City, Utah and Hawaii.
Transfield Services CEO Dr Peter Goode says the company’s commitment to providing a high-level of service safely and efficiently since it started working with Chevron in 1971, has contributed to Chevron renewing its contract without going to market.
Transfield Services fell into the red in 2009 after profits the four years previous.
