Built to inform

Sign up for the daily newsletters

No, Thank you

Galfar gains PDO contract extension to PDO deal

Firm expects to earn an extra $104mn-$130mn as a result of the deal

Photo for illustrative purposes.
Photo for illustrative purposes.

Galfar Engineering & Contracting has said that it has gained a contract extension to the off-plot delivery contract that it is delivering for Petroleum Development Oman (PDO) in the north of the country.

The service contract was set to expire on 1 September, but has been extended for another year until 31 August, 2015.

In a statement to the Muscat Securities Market, chief executive Dr Hans Erlings said that Galfar expected to earn an extra OR40-50mn ($104mn-$130mn) as a result.

in 2013, the company saw its revenues top the $1bn mark, increasing by 22% to $1.07bn (OR412.4mn) from $874.5mn (OR336.5mn).

Net profits fell to $19.7mn (OR7.6mn), down 17% on the $23.9m (OR9.2mn) achieved in 2012.

Most popular


New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony


Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 745
Jun 30, 2019