Petrofac Limited (LON:PFC)

Petrofac Limited (LON:PFC)


Share Price
397.90 p
Change
-19.8 (-4.74 %)
Market Cap
£1,376.39 m
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Petrofac Limited RNS Release

Petrofac awarded US$1bn EPC project in Algeria


RNS Number : 7879S
Petrofac Limited
13 March 2019
 

Press Release

 

13 March 2019

 

 

 

                                                       

PETROFAC AWARDED US$1 BILLION EPC PROJECT IN ALGERIA

Petrofac has been awarded a contract worth around US$1 billion with Groupment Isarene, the joint operating group set up by Sonatrach, Petroceltic and Enel, for the Ain Tsila Development Project in Algeria.

 

Located around 1,100 kilometres south-east of Algiers, the Ain Tsila field will produce gas, LPG and Condensate for the local Algerian market and for export. Under the terms of the 42-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes commissioning, start-up and performance testing.

 

E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: "I am delighted we have the opportunity to be working with the Groupement Isarene partners to deliver this strategically important project.

 

"This award builds on Petrofac's significant track record in Algeria where we have been operating successfully for more than 20 years, with a strong record for project execution and the development of local capability. We are focused on delivering an effective, safe solution that meets our high standards and continues our commitment to the local energy sector."

 

Petrofac's EPC activities in Algeria include Sonatrach's Tinrhert Field Development Project, along with the Alrar and Reggane projects that commenced production last year.

 

Ends

 

 

 

For further information, contact:

 

Petrofac Limited      

+44 (0) 207 811 4900

 

Jonathan Low, Head of Investor Relations

[email protected]

 

Alison Flynn, Group Head of Communications

[email protected] 

+44 (0) 207 811 4913

 

Tulchan Communications Group

+44 (0) 207 353 4200

[email protected]

 

Martin Robinson

 

 

LEI 2138004624W8CKCSJ177

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016. 

 

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 11,500 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 [email protected] or visit www.rns.com.
 
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Petrofac Limited Timeline

Newswire
February 28 2019

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