Monday, January 7, 2019

Elbit Systems (ESLT) Reports $15M Contract from Energean Israel to Provide a Security Solution for Karish-Tanin Gas Fields FPSO - STREET INSIDER

January 7, 2019 5:57 AM EST 

Elbit Systems Ltd. (NASDAQ: ESLT) announced today that it was awarded a $15 million contract from Energean Israel Ltd. ("Energean"), a subsidiary of Energean Oil and Gas plc (ENOG), to supply a comprehensive solution for the Floating Production Storage and Offloading (FPSO) platform of the offshore Karish-Tanin gas fields. The contract will be performed over an approximately two-year period, with warranty and logistic support continuing for an additional 10 years.

The technological suite to be supplied by the Company's subsidiary, Elbit Security Systems Ltd., (ELSEC), includes a wide range of sensors, among them electro-optic systems, radars, sonars, a command and control center as well as equipping rapid interception boats with a dedicated suite of sensors. The security solution will enable to detect and identify both surface and underwater threats and will assist security teams to respond efficiently.

Elad Aharonson, General Manager of Elbit Systems ISTAR Division, commented: "Providing security to assets located in countries' exclusive economic zones demands sophisticated technological and operational capabilities. Having been selected by Energean to provide the security suite for their Karish-Tanin gas fields' FPSO platform, is a testament to our competitive advantage in this area."