Shares in Petrofac (LON:PFC) dipped by 2.6% to 1,479p in trading this morning despite news that the oil and gas facilities service provider had been awarded a contract worth £40m over three years from Maersk Oil North Sea UK. Under the terms of the deal, Petrofac will provide engineering services to Maersk’s UK Continental Shelf assets. Work will begin immediately on the contract, which was awarded following a competitive tender and includes three one-year options for extension.

Petrofac, through its Offshore Engineering & Operations (OE&O) business unit, will provide engineering services to Maersk Oil's Gryphon, Janice, and Global Producer III assets, including concept, front end engineering, detail design, workpack development, procurement and document control. This contract extends both Petrofac's working relationship with Maersk Oil and its scope of services for these assets, building upon the offshore operations and support services it has been providing since 2000.

Bill Dunnett, the managing director of Petrofac OE&O, said: “I’m delighted to announce a further significant contract award for the OE&O business. This is yet another important step in our growth plan and reflects the leading capabilities of our engineering team as well as our continued commitment to our existing customer base. The contract builds on our longstanding and successful relationship with Maersk Oil and is an excellent example of how Petrofac can deliver a full range of services across the asset lifecycle.”

In October Petrofac was awarded a contract worth in excess of £500m by Total E&P UK for the development of a gas processing plant on the Shetland Islands. Overall order intake for the year to October 21 at Petrofac stood at approximately US$2.6bn.

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