Petrofac inks five-year deal to train KOC staff

Petrofac, a service provider to the oil and gas production and processing industry, embarked with Kuwait Oil Company (KOC) on a five-year deal to provide specialist technical training and competency development services.

The contract was effective immediately and had a value in excess of $35.0m.

Karim Osseiran, Vice President of Training Services, Engineering & Production Services, East highlighted the highly innovative and long-term nature of the project.

Over thirty training professionals and technical specialists from Petrofac would be embedded within KOC's operations.

The aim of the project was to develop the systems and processes necessary for KOC to operationalise human capability development "where it matters the most, in the field," he said.

On a related note, on 9 June analysts at Kepler Cheuvreux said highlighted Petrofac's "strong" commercial prospects.

After a tough 2016, the analysts expected the company's order intake to pick-up over the next three years, leading them to initiate their coverage of its shares with a 'buy' recommendation and 700.0p target price.