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Friday, 4 August 2017

Petrofac shares rise on $2bn Oman contract

Petrofac shares rise on $2bn Oman contract:

"Shares in Petrofac, the oilfield services company under investigation by the UK’s Serious Fraud Office, were boosted in mid-morning trading on Friday after it announced it was set to be awarded a $2 billion contract in Oman as part of a partnership with Samsung Engineering.

Petrofac said the companies had received notification of intent to award a contract for a 47-month project with Duqm Refinery and Petrochemical Industries Company – a joint venture between the Oman Oil Company and Kuwait Petroleum International. The contract – of which Petrofac’s share would be around $1bn – will involve engineering, procurement, construction, commissioning and training work at the Duqm refinery in Oman.

Shares in Petrofac, which had been dipping in and out of negative territory in morning trading, were up nearly 7 per cent at 472p at publication time."

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