Petrofac reveals record contract wins

Contractor boosted by project gains in Kuwait, Oman and Algeria

NEWS, Business, Financial results, Middle east, Oil & gas, Petrofac

Petrofac is enjoying its most successful year ever for new awards, thanks largely to new contract wins in the Middle East.

The firm said that it has secured deals worth $8.4bn since the start of the year, with $7.2bn of these earned by its engineering, construction operations and maintenance arm.

These have included a $1.2bn contract at the Khazzan gas field in Oman, a $1.7bn gain as part of a consortium delivering $3.7bn of work on the Kuwait Clean Fuels Project and a $970mn gas treatment facility in Algeria. It has also agreed capacity enhancements at the Upper Zakum field in Abu Dhabi.

Revenues and net profit actually fell to $2.5bn (2013: $2.8bn) and $136mn (243mn) respectively, but the firm said that its earnings this year would be "significantly weighted towards the second half of the year" reflecting the way in which projects are phased.

It expects a full-year profit of between $580mn-$600mn.

Chief executive Ayman Asfari said: "Our pipeline of bidding opportunities remains attractive and we are confident of securing a number of further awards and contract extensions during the second half of the year."

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