Petrofac wins $900m Oman deal

Petrofac reported that it has won about a $900 million contract from state-controlled Petroleum Development Oman (PDO) to provide services at a field south west of Muscat.

They have said it would provide engineering and procurement services at PDO’s Yibal Khuff project under the four-year contract.

Oil and gas majors, hit by a oil price rout, have slashed capital spending and are holding back on new projects, hurting the prospects of services companies.

However, national oil companies (NOCs) in the Middle East and North Africa show no signs of cutting investment, a boost for companies including Petrofac, which has a large exposure in the Middle East.

PDO, Oman’s top oil and gas producer, is 60 per cent owned by the government, 34 per cent by Royal Dutch Shell, four per cent by Total and two per cent by Portugal’s Partex, according to its website.

Petrofac’s shares were up 1.6 per cent at 910.5 pence at 0707 GMT on the London Stock Exchange on Thursday.

Source: Trade Arabia