Prices & Quotes - UK Markets - Petrofac Ltd. (PFC)

LONDON (ShareCast) - (Sharecast News) - Oilfield services group Petrofac has been awarded two contracts, together worth around $300.0m through Petroleum Development Oman.
Petrofac said the first contract was for a direct engineering, procurement and construction contract for PDO's Marmul main production station gas compression project. Spanning 30 months, the lump-sum turnkey contract includes engineering, procurement, construction, commissioning, start-up and initial operational support.

The AIM-listed group stated the second was a project delivery contract with its partner and main PDO contract holder Arabian Industries Projects, for selected PDO concession areas in the North of Oman. The scope of the seven-year contract, which comes with an option to extend for three years, was for the provision of reimbursable engineering services and integrated project support and management services.

Petrofac's chief operating officer of engineering and construction, Elie Lahoud, said: "Petrofac has a significant track record in Oman and PDO are a longstanding client. We look forward to building on our strong relationship through these latest contract awards.

"Both will be delivered by our teams in the Sultanate, with the focus on safety, maximising local and sustainable delivery, and generating in-country value."

As of 0915 GMT, Petrofac shares were up 1.59% at 117.64p.