Petrofac, the international oil and gas service provider, has been awarded two contracts for a big petrochemical expansion project in Rabigh, Saudi Arabia.
The projects - scheduled to start within three years - are some of the first major awards made by Saudi Arabia's national oil company, Saudi Aramco, under its "In-Kingdom" engineering, procurement and construction programme.
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance division, said: "We are delighted to have secured two successive projects with Saudi Aramco, which serves to reinforce the hard work and dedication of our In-Kingdom team."
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
Petrofac shares were flat at 10:57.
JH
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
