Petrofac awarded $90m Iraq contract

29 Jun 2011 | News - Comment now

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Petrofac awarded $90m Iraq contract

Oil & gas services provider Petrofac (PFC.L) has been awarded a $90 million (£56.1 million) contract for the Rumaila oil field in Southern Iraq.

The inspection, maintenance and repair contract was awarded by BP Iraq to Petrofac and joint venture partner China Petroleum Engineering & Construction Corporation (CPECC).

The one-year contract will be led by Petrofac's offshore engineering & operations business. The contract will be worth $63 million to the group.

Maroun Semaan, chief operating officer at Petrofac, said the contract was part of its strategy to grow 'the breadth and depth' of service in Iraq.

He said, 'It also provides an excellent opportunity for us to establish closer relations with the BP Iraq team and to continue to develop our own in-country knowledge and presence.'

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Related topics: FTSE 100, Iraq, Oil & Gas, Petrofac

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