Petrofac wins $1.3bn contract in Kuwait

Petrofac's shares rose as much as 2.33 percent following announcement
Petrofac wins $1.3bn contract in Kuwait
By Reuters
Wed 29 Mar 2017 09:26 AM

British oilfield services company Petrofac Ltd said on Tuesday Kuwait Oil Co had awarded the company a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in south-east Kuwait.

Petrofac's shares rose as much as 2.33 percent.

The company will develop a gathering centre to process crude oil and gas recovered from Arifjan, Marat, Minagish Oolite and Burgan Wara high hydrogen sulphide fields, with work scheduled to be completed by 2020.

Petrofac said in February that it saw an uptick in bidding activity in its core middle eastern markets.

A number of contracts that were deferred in 2016 were seen coming back in 2017, CFO Alastair Cochran had told Reuters then.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.