Petrofac Signs Two Contracts Worth Total Of USD130 Million In Oman

Petrofac Ltd on Tuesday said it has secured a new contract with Petroleum Development Oman and has been awarded a contract expansion for an existing project, together worth about USD130 million in total.

The oilfield services provider secured a new engineering, procurement & construction management contract for the Mabrouk North East development in Oman. The 34-month project will see Petrofac involved in the development of 16 gas-producing wells as well as the product export to the Saih Rawl central processing plant.

Petrofac also has signed a 20-month contract to provide further services for the Yibal Khuff project which was originally awarded in June 2015. The additional scope of work includes detailed engineering, procurement & support for the construction and commissioning of nine additional wells to improve overall plant production, and the laying of gas pipeline to the main processing facility.

"These latest project awards further underpin our significant track record and commitment to delivering value in Oman. Our focus will remain on safe operations and maximising in-country value through the continued development of local workforce competence and strong supply chain partnerships," said Elie Lahoud, managing director of Engineering & Construction for Petrofac.

Petrofac shares were trading marginally lower at 384.34 pence per share on Tuesday morning in London.

Source: LSE