Petrofac Limited (LSE:PFC) shares jumped 13% higher after a joint venture it is leading won a $1.5bn contract from STEP Polymers for a petrochemical engineering, procurement and construction project.
Petrofac's share of the contract is valued at over $1bn.
The firm said in a statement that "this is a significant downstream project, which will form part of the Arzew Industrial Zone, located west of Algiers, supporting Algeria’s energy strategy."
The award broadens Petrofac’s portfolio within the petrochemical sector and builds on its 25-year track record in Algeria, it added.
Tareq Kawash, Petrofac’s chief executive, said: “We are proud to be supporting our customer to deliver this strategic project."
"Algeria is a core market for Petrofac and we are committed to supporting the long-term delivery of critical infrastructure as the country plays an increasingly important role as a major energy producer and moves into major petrochemical projects.”