Petrofac wins $350m services contract in Equatorial Guinea
Energy services group
Under the terms of the contract, Petrofac will deliver technical services including maintenance, asset integrity, marine services and well engineering across onshore support bases, an FPSO and a platform on behalf of Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol).
Petrofac will manage the contract from Equatorial Guinea's capital Malabo, with supports from its technical hub in Aberdeen, but will continue to use local capabilities, staff and contractors that were previously in place.
"We look forward to developing our relationship with GEPetrol further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea," said Nick Shorten, chief operating officer of Petrofac's Asset Solutions business.
"This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation."
The stock was up 1% at 22.82p by 1005 BST.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.