Shares in Petrofac Limited (LSE:PFC) leapt 7% to a near three-month high after winning a US$700mln contract with the Abu Dhabi National Oil Company, which had previously suspended it from bidding for tenders due to misconduct issues.
Ahead of a trading statement on Tuesday and following a rollercoaster few months, the energy service provider has been chosen by ADNOC's gas processing arm for a "significant" new engineering, procurement and construction project at the Habshan Complex, west of Abu Dhabi.
Last year ADNOC reinstated Petrofac onto its list of approved potential suppliers, having suspended it from bidding for tenders in 2021 and terminating a US$1.65bn contract in 2020, following a UK Serious Fraud Office bribery probe that concluded with multi-million-dollar penalties in the courts.
The contract comes amid a busy few months for the company, which has included a profit warning, two big contract wins and the appointment of new chief executive Tareq Kawash.
Today, Kawash said: “We are thrilled to have been selected by ADNOC, one of Petrofac’s longest-standing customers, to undertake this significant new EPC project in our home market of the UAE.”