Petrofac secures Framework Agreement with PDO
Press Release
8 June 2017
PETROFAC SECURES FRAMEWORK AGREEMENT WITH PETROLEUM DEVELOPMENT OMAN
Petrofac has secured a long-term Framework Agreement (FA) with Petroleum Development Oman (PDO) for the provision of Engineering, Procurement and Construction Management (EP+Cm) Support Services for major oil and gas projects.
The Agreement, which is for ten years with an additional five-year option, builds upon a three-year programme of EP+Cm support contract delivery Petrofac has undertaken on behalf of PDO. Future projects undertaken through the FA will be supported by Petrofac's Muscat office for technical delivery and to ensure sustainable in-country value is generated.
Craig Muir, Group Managing Director, Engineering and Production Services, Petrofac said: "This is a landmark agreement between our two companies and marks a new level of collaboration between PDO and Petrofac. It builds upon a long-standing relationship which spans more than two decades and encompasses a significant number of projects undertaken in Oman on both a lump-sum and reimbursable basis.
"Our priority will be to deliver quality oil and gas facilities that are technically robust, with an absolute focus on safety and in-country value."
Raoul Restucci, Managing Director, PDO said: "This long-term agreement with Petrofac reflects our continuing commitment to the safe and responsible development of hydrocarbons in the Sultanate and to drive maximum in-country value from our operations.
"PDO seeks a high level of performance and commitment from our supply chain and this agreement reaffirms our determination to work with key partners in our supply chain to deliver real value for Oman and our shareholders. It is our firm belief the value that we have already created working closely together can be sustained well into the future and we look forward to extending our partnering with Petrofac in this next phase of our relationship."
Petrofac is currently undertaking two projects, on behalf of PDO, through an EP+Cm delivery model. This includes the US$1.2 billion award in March 2014 for the Rabab Harweel Integrated Project (RHIP) and the US$0.9 billion award in June 2015 for the Yibal Khuff project.
Roberto Bertocco, Managing Director, EPCm, said: "This is a major milestone in the recognition of Petrofac's Engineering, Procurement and Construction Management support service delivery capability. The agreement cements the effectiveness of our working relationship with PDO and paves the way for the direct transfer of knowledge, skills and lessons learned from RHIP and Yibal Khuff onto future PDO projects."
Ends
For further information contact:
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
Petrofac
Hazel Meldrum, Marketing and Communications Director, EPS
Hazel.meldrum@petrofac.com
+44 (0) 1224 247607
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.
With around 13,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.
This information is provided by RNS
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