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
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."
10 vinyl records worth up to £10,000 - is one in your collection?
News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
By Marc Shoffman Published
FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
By John Fitzsimons Published