Petrofac wins 3.7bn dollar contract

Oil and gas service provider Petrofac has secured a share of a 3.7bn dollar contract to help develop an oil field facilities for the Abu Dhabi National Oil Company.

Oil and gas service provider Petrofac has secured a share of a 3.7bn dollar contract to help develop an oil field facilities for the Abu Dhabi National Oil Company.

The contract was awarded to a consortium in which the FTSE 100 company's Petrofac Emirates joint venture is a major part.

The share of the contract attributable to Petrofac Emirates, a joint venture with Mubadala Petroleum, is valued at $2.9bn.

The project comprises engineering, procurement, construction, transportation and commissioning of island surface facilities on four artificial islands in the Upper Zakum, UZ750 field development in Abu Dhabi.

The consortium, which is between Petrofac Emirates and Daewoo Shipbuilding & Marine Engineering, will commence operations during 2016 and will supply wellhead control, manifolds, crude oil process facilities, water injection and gas lift, oil export pumps, power generation and associated utilities.

Subramanian Sarma, Managing Director of Petrofac's onshore engineering & construction business, said the project builds on the substantial work the joint venture has underway in the UAE.

"We look forward to developing our relationship with ZADCO through the successful delivery of this strategically important project."

OH

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
How the end of cheap money could spark a house price crash
House prices

How the end of cheap money could spark a house price crash

Rock bottom interest rates drove property prices to unaffordable levels. But with rates set to climb and cheap money off the table, we could see house…
28 Sep 2022
What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022