Galfar gains PDO contract extension to PDO deal
Firm expects to earn an extra $104mn-$130mn as a result of the deal
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.