Petrofac gets US$580mn engineering contract in Middle East

Exploration & Production

Oilfield services company Petrofac Ltd said it was awarded an engineering contract worth US$580mn by a state-owned oil company in the Gulf Cooperation Council (GCC) for a "major project"

The GCC countries include Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.

Petrofac did not provide additional details about the contract. Shares of the company, which is highly exposed to the middle east markets, were up about 0.4 per cent at 488.20 pence at 1245 GMT.