Petrofac Wins $1.3B Contract In Kuwait

Petrofac Wins $1.3B Contract In Kuwait
Petrofac Ltd says Kuwait Oil Co had awarded the company a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in south-east Kuwait.

Reuters

March 28 (Reuters) - British oilfield services company Petrofac Ltd said on Tuesday Kuwait Oil Co had awarded the company a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in south-east Kuwait.

Petrofac's shares rose as much as 2.33 percent.

The company will develop a gathering centre to process crude oil and gas recovered from Arifjan, Marat, Minagish Oolite and Burgan Wara high hydrogen sulphide fields, with work scheduled to be completed by 2020.

Petrofac said in February that it saw an uptick in bidding activity in its core middle eastern markets.

A number of contracts that were deferred in 2016 were seen coming back in 2017, CFO Alastair Cochran had told Reuters then.

(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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