25th Nov 2013 08:51
LONDON (Alliance News) - Petrofac Limited Monday said its 50/50 joint venture with Korean Daelim Industrial Co. Ltd. has been awarded an Oman refinery improvement contract worth USD2.1 billion.
The FTSE 100-listed oil and gas services provider said the 36 month engineering, procurement and construction contract was granted by Oman Oil Refineries & Petroleum Industries Co.
The company said the refinery is located in the Sohar Industrial Area, and the contract includes improvements at the existing facility, as well as the addition of new refining units.
Petrofac said that when complete, it is anticipated that the revamped facility will increase current output by more than 70%.
The company recently announced that it is on track to deliver "modest" net profit growth for its full year, as it reported strong backlog figures and positive order intake in its main Engineering, Construction, Operations & Maintenance Division.
Petrofac shares were up 2.5% to 1,221.00 pence, making it the highest mover on the FTSE 100 in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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