Petrofac-Led Consortium Provisionally Wins $300 Mln Development Contract

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By Joe Hope

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Petrofac Ltd. said Thursday that a consortium it is leading has provisionally won an engineering, procurement and construction contract for a development in Algeria, with its share coming in at around $200 million.

The London-listed provider of services to the energy industry said that its consortium with French civil-engineering company Genie Civil et Batiment was awarded the contract for the Tinrhert EPC2 Development Project by Sonatrach, the national state-owned oil company of Algeria. The total contract is valued at around $300 million.

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The project–located in Alrar, around 1,500 kilometers southeast of Algiers–will provide a new central processing facility, and the scope of the work includes tie-ins to existing facilities, commissioning, start-up and performance testing.

Petrofac didn’t disclose details on why the contract is provisional.

Shares at 0752 GMT were up 2.8 pence, or 2.5% at 116.4 pence.

Write to Joe Hoppe at [email protected]

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Credit: www.marketwatch.com /

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