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."

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020