PWC Logistics wins largest-ever heavy-lift contract

The total value of the contract may reach up to KWD449 million (US$1.5 billion) over a five-year period.

The contract, which begins on July 15, 2005, is divided into five equal time periods, an initial twelve month commitment followed by four one-year extension options. During each twelve-month period, the contract value may reach up to KWD89.7 million (US$305 million). The actual value for each time period will depend on the volume of transportation services required. Services will be provided by PWC operations located in Kuwait and Iraq.

Charbel Abou-Jaoude, General Manager - Logistics Operations, commented, "We're extremely pleased with this win. Over the past few years, we've built a strong, regional logistics network, and with our recent acquisition of Transoceanic - a world leader in global project logistics and heavy-lift transportation - we now have a far more comprehensive transportation infrastructure. This network, coupled with our local knowledge and experience, enables us to scale to meet virtually any requirements."

Tareq Sultan, PWC's Chairman, added, "Both this contract and the Prime Vendor contract, awarded to us less than two weeks ago, are strong confirmation of our ability to execute globally and throughout the region." Tarek continued, "We have the assets, technology, and experience to deliver in any environment. These efforts involve the mobilization of in excess of 5,000 heavy-lift assets, thereby underscoring our unequalled readiness to support similar operations globally and throughout the Middle East."