Petrofac Wins Iraq Offshore Operations Contract
Press Release
14 August 2012
PETROFAC LIMITED
PETROFAC WINS IRAQ OFFSHORE OPERATIONS CONTRACT
Petrofac, the international oil & gas service provider, has today signed a contract worth approximately US$100 million to provide offshore operations and maintenance services for the Iraq Crude Oil Expansion Project. Awarded by Iraq's South Oil Company (SOC), the 12-month contract will commence following a three-month mobilisation period. There is also additional scope for the contract to be extended via two one-year contract extension options.
Petrofac's Offshore Projects & Operations (OPO) business secured the award following a competitive tender. OPO will now provide operations and maintenance services for the new oil export facilities situated approximately 60km offshore the Al Fao Peninsula in Southern Iraq. The facilities include: an offshore platform, metering station, single point moorings (SPMs), subsea pipelines and tanker operations.
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations and Maintenance division, commented: "This is our first offshore operations contract in Iraq which broadens the scope of our growing operations within an important country for Petrofac.
"This is also the first time Petrofac has contracted directly with an Iraqi National Oil Company, and we are delighted to begin our working relationship with SOC, a new and important customer for our Group. We intend to deploy our capabilities together with our focus on delivery to enable SOC to operate its offshore facilities safely, while delivering increased crude export."
Dyeyaa Jaafar Hyjam, Director General, Southern Oil Company, said: "Petrofac was selected for this contract in recognition of the Group's capabilities and the good work it has undertaken within Iraq to date. Increasing the export of crude is a key driver for this important project and we are confident that Petrofac can help us deliver our targets and become a trusted partner for SOC over the long-term."
Ends
For further information contact:
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) and is a constituent of the FTSE 100 Index.
The group delivers services through two divisions: Engineering, Construction, Operations & Maintenance (ECOM - comprising Onshore Engineering & Construction, Offshore Projects & Operations, Offshore Capital Projects and Engineering & Consulting Services) and Integrated Energy Services (IES). Through these divisions 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 around 17,200 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Abu Dhabi and Kuala Lumpur and a further 24 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
This information is provided by RNS
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