Petrofac awarded third Iraq contract

Oil & gas service provider Petrofac has been awarded an engineering, procurement and construction (EPC) contract by Gazprom Neft for the first phase of the Badra Oilfield Development Project in Iraq.

The $330m lump-sum contract will see Petrofac provide detailed design, construction, commissioning and start-up work on the Badra development's central processing facility, which comprises three crude oil processing trains.

The first phase of the project is expected to come on stream in the second half of 2013.

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The competitively tendered project will commence shortly and be completed in three 18-month phases, with final completion scheduled during the second half of 2015.

Marwan Chedid, a divisional Chief Executive, said that "this is Petrofac's third notable project award in Iraq and also marks our first lump-sum EPC project in the country.

"Iraq represents a sizeable market opportunity for Petrofac and our Basra office is continuing to expand as we develop our presence in the country."

The share price rose 0.44% 1,597.00p by 13:02.

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