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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.

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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."

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