Petrofac secures US$120 million in EPS awards
20 November 2019
PETROFAC SECURES US$120 MILLION IN EPS AWARDS
Petrofac Limited ("Petrofac") announces today awards and contract extensions with a combined value of more than US$120 million, delivering against the Group's strategy to position Engineering & Production Services ("EPS") for growth by diversifying into new markets and geographies.
The awards and contract extensions consist of the following:
· EPS has secured its first small-scale Engineering, Procurement, Construction (EPC) contract in Malaysia. In consortium with partner Serba Dinamik, EPS has been awarded a contract by Asean Bintulu Fertiliser (ABF) Sdn Bhd, one of Malaysia's largest fertiliser plants, for its Third Boiler Project. The ABF plant located in the central region of Sarawak, which started commercial production in 1985, is a subsidiary of PETRONAS Chemicals Group Berhad. The work scope for the 30-month project includes basic and detailed engineering, procurement, construction and commissioning of an additional package boiler (165 tonnes per hour) to improve overall plant reliability and availability and meet total steam demands of 510 tph.
· EPS has also secured a new three-year Engineering, Procurement, Construction and Commissioning (EPCC) Framework Agreement (FA) with a North Sea operator. Future projects undertaken through the FA will be supported by Petrofac's Aberdeen office, where the company is actively growing its engineering team and investing in its brownfield management system in support of its digitalisation strategy.
· The new brownfield projects awards coincide with key North Sea contract extensions for EPS, including a two-year renewal of an existing seven-asset Operations and Maintenance contract, and the extension of EPS' existing Engineering Services contract with Chevron North Sea to June 2020.
John Pearson, Chief Operating Officer, Engineering and Production Services, said: "Continued diversification into new markets, such as brownfield projects, and new geographies, such as Malaysia, are key tenets of our growth strategy. We're also once again delighted that clients in the North Sea have exercised the option to extend our support for important Operations and Maintenance and Engineering Services contracts."
For further information contact:
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
Aaron Clark, Investor Relations & Communications Manager
Sophie Reid, Regional Head of Marketing and Communications (West)
Tulchan Communications Group
+44 (0) 207 353 4200
NOTES TO EDITORS
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 11,250 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
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