Petrofac wins new contract in Oman

UK-based oilfield services specialist Petrofac has been awarded a US$2 billion contract in Oman.

The deal will see the troubled firm – which is currently under investigation by the UK’s Serious Fraud Office (SFO) – working on the Duqm Refinery, with its joint venture partner, Samsung Engineering.

Petrofac will undertake engineering and construction work on the 810-hectare project, which will have a refining capacity of around 230,000 barrels of oil per day when completed.

The Oman contract is the second to be secured by Petrofac in the country in as many months; in June, it was awarded a 10-year contract to provide services to Petroleum Development Oman.

Following the news, Petrofac’s shares rose 7.5% on the London Stock Exchange. Nevertheless, its current share price remains around 40% lower than before the SFO investigation into corruption and money laundering became public knowledge.

Petrofac denies all allegations of wrongdoing.