Oilfield services firm Petrofac announced Wednesday that it has received a contract extension from South Oil Company (SOC) for its Iraq Crude Oil Expansion Project.
The 12-month extension, worth approximately $99 million, includes the second phase of the project and will see Petrofac provide an additional scope of operations and maintenance services, it said.
The extension follows the original award in 2012 for phase one, which covered operations and maintenance services on the offshore facilities. These included an offshore platform, metering station, two single-point moorings, subsea pipelines and tanker operations – all based some 40 miles offshore the Al Fao Peninsula in southern Iraq. Phase two will cover two additional single-point moorings and a central metering and maintenance platform.
Mani Rajapathy, a senior vice president for Petrofac Offshore Projects and Operations, commented in a company statement:
"Over the past 12 months we’ve achieved some significant milestones on behalf of our customer SOC, including the export of 240 million barrels of oil and one million man-hours worked without a lost time incident.
"The contract is a great example of project execution including our ability to deliver work successfully and safely in a logistically complex working environment. It also further enhances our position in Iraq, a key geography for our business, and continues a collaborative relationship with a valued customer."
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