Petrofac scores BP Iraq contract
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).
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
-
Coventry Building Society bids £780m for Co-operative Bank - what could it mean for customers?
Coventry Building Society has put in an offer of £780 million to buy Co-operative Bank. When will the potential deal happen and what could it mean for customers?
By Vaishali Varu Published
-
Review: Three magnificent Beachcomber resorts in Mauritius
MoneyWeek Travel Ruth Emery explores the Indian Ocean island from Beachcomber resorts Shandrani, Trou aux Biches and Paradis
By Ruth Emery Published