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.
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, 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
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
