The company said that it had received a Letter of Intent (LOI) from McDermott Caspian Contractors, Inc to supply scaffolding and coating services for the BP-led development of the Azen-Chirag-Guneshli (ACG) field in the emerging oil province of the Caspian Sea, which is estimated to be about the same size as the North Sea.

The project is over a two year period and is worth around US$5million (A$8.5 million) to the company. The deal brings an estimated total of A$21.5 million worth of contracts won by PCH in the last two months, with the latest contract win following the LOI received in May from French multi-national Bouygues.

The LOI announced calls for PCH to enter into a formal subcontract for the project, and until then is valid and binding, requiring PCH to start work immediately on the provision of its services.

PCH's Group managing director, James Cullen, said that the announcement was a significant demonstration of PCH's growing reputation and emergence as an international service provider to the oil and gas sector.

"It is significant that of the two scaffolding and coating contract awards to date for the ACG project, PCH has been successful on both. On these and also on the contract with McDermott in Dubai, PCH was successful ahead of several major international multi-discipline contracting groups who were also vying for the work," he said.