Petrofac wins services contract in Iraq

Petrofac, the international oil & gas service provider, has agreed to provide offshore operations and maintenance services for the Iraq Crude Oil Expansion Project for the country's South Oil Company (SOC) over a 12-month period.

The contract, worth $100m, will follow a three-month mobilisation period and has the possibility of two one-year extensions.

The company's Offshore Projects & Operations business will provide operations and maintenance services for the new oil export facilities situated around 60km offshore the Al Fao Peninsula in Southern Iraq.

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Marwan Chedid, the Chief Executive of Petrofac's Engineering, Construction, Operations and Maintenance division, said: "This is our first offshore operations contract in Iraq which broadens the scope of our growing operations within an important country for Petrofac.

"This is also the first time Petrofac has contracted directly with an Iraqi National Oil Company, and we are delighted to begin our working relationship with SOC, a new and important customer for our Group. We intend to deploy our capabilities together with our focus on delivery to enable SOC to operate its offshore facilities safely, while delivering increased crude export."

The share price fell 0.07% to 1,485p by 11:03.

NR