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PFC Petrofac Limited

26.38
0.38 (1.46%)
Last Updated: 09:42:30
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Petrofac Limited LSE:PFC London Ordinary Share GB00B0H2K534 ORD USD0.02
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.38 1.46% 26.38 26.08 26.48 26.38 26.00 26.00 664,496 09:42:30
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil & Gas Field Services,nec 2.59B -310M -0.5996 -0.44 136.38M

Petrofac Limited Petrofac awarded US$600 million project in Algeria (0985Z)

29/08/2018 7:01am

UK Regulatory


Petrofac (LSE:PFC)
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TIDMPFC

RNS Number : 0985Z

Petrofac Limited

29 August 2018

Press Release

29 August 2018

PETROFAC AWARDED US$600 MILLION PROJECT IN ALGERIA

Petrofac has received a provisional letter of award for an engineering, procurement and construction (EPC) contract worth US$600 million with Sonatrach for EPC1 of the Tinhert Field Development Project in Algeria. Formal contract signing is expected to take place in September 2018.

Located in Ohanet, around 1,500 kilometres southeast of Algiers, EPC1 will provide a new inlet separation and compression centre. Under the terms of the 36-month contract, the scope of work includes a pipeline network of approximately 400 km to connect 36 wells, along with commissioning, start-up and performance testing of facilities.

E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: "This award builds on Petrofac's significant track record in Algeria where we have been working in support of the country's oil and gas production for more than two decades.

"We have continued to grow our presence in-country through a number of major EPC and engineering services contracts with Sonatrach, including the Alrar and Reggane projects that commenced production this year, and look forward to deploying our expertise to deliver this project with operational excellence and safe project execution at the core of our approach."

Ends

For further information, contact:

Petrofac Limited

+44 (0) 207 811 4900

Jonathan Low, Head of Investor Relations

jonathan.low@petrofac.com

Alison Flynn, Group Head of Communications

alison.flynn@petrofac.com

+44 (0) 207 811 4913

Tulchan Communications Group

+44 (0) 207 353 4200

petrofac@tulchangroup.com

Martin Robinson

LEI 2138004624W8CKCSJ177

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.

With around 12,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

CNTGUGDIBUDBGIC

(END) Dow Jones Newswires

August 29, 2018 02:01 ET (06:01 GMT)

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