Petrofac Bags 2 Deals Worth $300MM

Petrofac Bags 2 Deals Worth $300MM
Petrofac (LON: PFC) revealed Thursday that it has secured two contracts, worth a total of around $300 million, through Petroleum Development Oman (PDO).

Petrofac (LON: PFC) revealed Thursday that it has secured two contracts, worth a total of around $300 million, through Petroleum Development Oman (PDO).

The first contract is a direct EPC deal for PDO’s Marmul Main Production Station gas compression project. The scope of work for the 30-month, lump-sum, turnkey contract includes engineering, procurement, construction, commissioning, start-up and initial operational support.

The second is a project delivery contract with Petrofac’s partner and main PDO contract holder Arabian Industries Projects LLC, for selected PDO concession areas in the North of Oman. The scope of this seven year deal includes the provision of reimbursable engineering services, integrated project support and management services.

“Petrofac has a significant track record in Oman and PDO are a longstanding client,” Elie Lahoud, Petrofac’s chief operating officer for engineering and construction, said in a company statement.

“We look forward to building on our strong relationship through these latest contract awards. Both will be delivered by our teams in the Sultanate, with the focus on safety, maximizing local and sustainable delivery, and generating In-Country Value,” Lahoud went on to say.

Petrofac has been serving Oman’s energy industries for more than 30 years, its website shows. During this time, the business has established a multi discipline engineering and project execution office in Muscat, invested $30 million in a technical training center with its partner Takatuf Petrofac Oman, developed a highly capable workforce, and recorded a multi-billion-dollar ICV contribution to Oman’s economy in respect of the purchase of Omani goods and services, Petrofac’s website notes.

In December last year, Petrofac was recognized with the Best Practice Award in the Omani Products and Services category at the Oman Society for Petroleum Services (OPAL) Awards. The award was presented by Salim Al Aufi, the Undersecretary of the Ministry of Energy and Minerals of Oman, at a ceremony held in Muscat.

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