Petrofac wins $580m EPC contract with GCC national oil company

Oilfield services provider Petrofac has been awarded a contract worth around $580m with a GCC national oil company for the engineering, procurement and construction of a "major" project.

The company, which has signed a binding letter of intent, said that specific details were currently confidential but additional information will be announced in due course.

E S Sathyanarayanan, group managing director of Engineering & Construction, said: "Petrofac has a very strong record of project execution in the GCC. This latest contract award further cements our footprint in our core markets, and we look forward to delivering a safe and successful project."

Earlier this month, Petrofac was awarded a lump-sum, 27-month EPC contract in India by Bharat Petroleum Corp worth around $135m.

At 1320 GMT, the shares were up 0.4% to 488.20p.