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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
