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

Get healthy returns from these three healthcare stocks
Share tips

Get healthy returns from these three healthcare stocks

Professional investor Paul Major of the BB Healthcare Trust highlights three of his favourite healthcare stocks.
25 Oct 2021
Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Emerging markets: the Brics never lived up to their promise – but is now the time to buy?
Emerging markets

Emerging markets: the Brics never lived up to their promise – but is now the time to buy?

Twenty years ago hopes were high for Brazil, Russia, India and China – the “Brics” emerging-market economies. But only China has beaten expectations. …
18 Oct 2021