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2023-07-01 12:46:20 EDT
Petrofac Limited (
Long: PFC
) closed up around 7.0% on Friday after confirming receipt of a large contract from ADNOC.
New EPC project details
ADNOC Gas Processing Company, a subsidiary of the state-owned group of energy companies, today awarded contracts worth US$700 million to Petrofac Emirates.
According to the project, the project will “perform engineering procurement and build a new gas compressor plant” and will help to significantly increase gas production at the oil major’s Mount Hab complex.
Press release
.
this
stock market news
A few months ago, Petrofac Ltd reported a net loss of $310 million for 2022. As of this writing, Petrofac shares are up about 70% from their year-to-date lows.
Petrofac debuted in the UAE in 1991
Petrofac will not be able to participate in the ADNOC tender for most of 2021 and early 2022. The ban was lifted last March.
The oilfield service provider has been active in the United Arab Emirates since 1991.
Press release
Elie Lahoud, Chief Operating Officer, Petrofac Emirates, said:
Petrofac has a long and strong track record of supporting Abu Dhabi National Oil Company (ADNOC), rooted in our strong commitment to maximizing local deliveries, investing in local supply chains and developing local teams.
at the latest
transaction update
Petrofac revealed that its order backlog could increase significantly to approximately $5.6 billion as of June 30
the th
. Wall Street currently has an “overweight” consensus rating on the British company.
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Petrofac receives new contract from ADNOC
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