Petrofac signs US$120m training agreement
Press Release
16 September 2013
PETROFAC SIGNS US$120M AGREEMENT TO DELIVER WORLD-CLASS TRAINING CAPABILITIES FOR MALAYSIAN NATIONAL OIL COMPANY
International oil and gas services provider Petrofac has signed a US$120m agreement with PETRONAS, the Malaysian National Oil Company, for the operation and management of two high-specification training facilities that Petrofac is building to support PETRONAS' workforce capability enhancement programme.
Petrofac is currently constructing two "live" upstream plant training facilities, and a "live" downstream facility, which will supplement existing facilities at the Institut Teknologi Petroleum Petronas (INSTEP) training academy.
Under the latest phase of the agreement, Petrofac will undertake the ongoing management and operation of the two upstream facilities, which are capable of training 500 delegates each year, for the next five years with an option to extend for a further two years.
The agreement follows an earlier Memorandum of Understanding between Petrofac and PETRONAS aimed at exploring how the companies could collaborate in competency development and capability building. The operations and management components of the agreement, to be delivered by Petrofac Training Services (PTS), marks the largest contract win in the history of PTS.
Andy Inglis, Chief Executive of Petrofac Integrated Energy Services, commented: "We are delighted that we are continuing to build on the existing relationship with our long-term customer PETRONAS to support its goal of enhancing Malaysian workforce capability in the oil and gas sector. Training is a core part of the IES offer and the award of our biggest training contract to date demonstrates our growing scale in an area which international and national oil companies have high on their agendas. The creation of this regional centre of excellence will enable PETRONAS to ensure the development of a highly-skilled resource pool to meet its own and industry needs now and in the decades ahead."
Ends
For further information contact:
Alison Flynn +44 (0) 207 811 4913
Head of Media Relations
Petrofac
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
Stephen Malthouse
Martin Robinson
petrofac@tulchangroup.com
Notes to Editors
Petrofac
Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil & 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 customers' needs across the full life cycle of oil & gas assets.
With more than 18,000 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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