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Petrofac wins $630mn contract with EnQuest

Contract will run for 10 years and support 300 jobs

Petrofac's shares rose by 1% following the announcement.
Petrofac's shares rose by 1% following the announcement.

Oil and gas services group Petrofac Ltd said it received a contract worth $630 million from EnQuest Plc to provide operations and maintenance services at EnQuest's North Sea assets.

The contract is for up to 10 years and supersedes an initial five-year contract awarded to Petrofac last year. It will also support 300 offshore and onshore jobs, Petrofac said on Wednesday.

Petrofac will continue to provide services to EnQuest on the Thistle, Heather and Northern Producer assets. EnQuest specialises in extending the life of old oil fields.

Petrofac will also work on the floating production, storage and offloading vessel the 'EnQuest Producer' ahead of its deployment to the Alma/Galia field in the North Sea.

Shares in Petrofac, which earlier this month cut its 2014 profit forecast by 11 percent due to poor performance of its flagship projects, were up about 1 percent on the London Stock Exchange.

 

 

 

 

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