FTSE 100 oilfield services giant Petrofac has won an inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq alongside its joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC).
The contract, which is worth $160m to Petrofac, was awarded by BP Iraq through the Rumaila Operating Organisation (ROO), following a competitive tender process.
The project will be led by Petrofac's Offshore Projects & Operations (OPO) business.
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
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, said: "We are delighted to have been awarded a further contract for the Rumaila field. This award is testament to Petrofac's ability to deliver to a high standard in Iraq and builds on the success we have achieved over the past year in this field.
"Alongside our partner CPECC, we look forward to developing further our relationship with BP Iraq and the Rumaila Operating Organisation and helping to ensure a safe and successful future for this flagship field."
NR
-
8 of the best properties for sale near ski slopesThe best properties for sale near ski slopes – from a luxury cabin in Geilo, one of Norway’s premier ski resorts, to a large chalet in Valais, Switzerland
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
