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.

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

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.