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Petrofac confirms $100 million Basra O&M contract

As previously reported, Petrofac has won a $100 million operations and maintenance contract at the Iraq Crude Oil Expansion Project offshore Basra.

Petrofac confirms $100 million Basra O&M contract Petrofac confirms $100 million Basra O&M contract

As previously reported, Petrofac has won a $100 million operations and maintenance contract at the Iraq Crude Oil Expansion Project offshore Basra.

In a statement today confirming the deal, Petrofac confirmed it had won the competitive tender, the first that the company has won directly from an Iraqi NOC.

Awarded by Iraq’s South Oil Company, the 12-month contract will commence following a three-month mobilisation period. Petrofac says there is also additional scope for the contract to be extended via two one-year contract extension options.

 

The news comes the day after Petrofac's half-yearly results disappointed investors, sending the company's shares down over 5% on the London Stock Exchange.

The facilities covered by the o&m contract 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.”

Source : Neftegaz.RU