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Petrofac bags $200m KOC project in Kuwait

Petrofac has won a $200 million EPC contract from Kuwait Oil Company to bolster Kuwait’s North onshore oil infrastructure by improving power supply.

Petrofac bags $200m KOC project in Kuwait Petrofac bags $200m KOC project in Kuwait

Petrofac has won a $200 million EPC contract from Kuwait Oil Company to bolster Kuwait’s North onshore oil infrastructure by improving power supply.

 

In a disclosure to the London Stock Exchange, the Sharjah-based upstream contractor said it will construct three new substation buildings and lay about 900 kilometres of buried cable to connect the site's substations to the distribution network within 24 months.

 

“When complete, the new facilities will provide a more robust power supply to support the development of the onshore oil fields in North Kuwait,” said the Petrofac statement.

 

Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, commented: "Petrofac has a well-established local presence in Kuwait. This latest award is our eighth EPC project for KOC. It builds on a long history of working together successfully and we look forward to again proving our delivery capability to KOC through this contract."

 

Petrofac is chasing down new EPC work in a bid to protect its order backlog, as it pursues a target of doubling its 2010 sales of $4.35 billion by 2015.

 

Petrofac President Maroun Semaan told April’s edition of Oil & Gas Middle East that he is targeting over $6 billion of new ECOM orders in 2012.

Source : Neftegaz.RU