ShortData.co.uk tracks all short positions in UK companies listed on the London stock exchange. All information shown on this site is for information purposes only. While every effort has been made to ensure the accuracy of the information shown, it should not be relied upon for any investment or trading decisions.
EPIC
Company
Industry
Country of Incorporation
Trading Currency
LSE Market
Current disclosures in PETROFAC LTD, 2 currently shorting.
% Short
% Change
Date Changed
Posts: 262
Opinion: Buy
Posted: May 28, 2019
Petrofac's Engineering and Production Services (EPS) business has been awarded two Operations and Maintenance (O&M) contract extensions for long-standing clients worth a combined value of approximately US$32 million.
Petrofac secured a 12-month renewal from Total E&P UK (Total) for the supply of O&M support to its Alwyn and Dunbar platforms in the Northern North Sea - a role it has held for 14 years.
The company has also been awarded a 12-month extension from a major International Oil Company (IOC), under which it will continue to provide offshore and onshore O&M support to one of its platforms in the Central North Sea.
Both contracts will be managed via Petrofac's dedicated 24/7 Operations Hub, through which all its labour supply contracts are managed. The Hub offers flexibility of shared resources across contracts, enabling fluctuating client requirements to be managed in a flexible, cost-effective way.
Nick Shorten, Managing Director for Petrofac's Engineering and Production Services business in the Western Hemisphere, commented: 'These contract renewals reflect the strength and collaborative nature of our long-standing relationships with both IOCs and are testament to the knowledge our teams have gained our clients' assets. We are delighted that each client has demonstrated continued confidence in our ability to maintain safe operations while delivering improvements to production efficiency.'
Petrofac currently supports 45 assets in the North Sea, and 80% of these contracts have been held for a decade or more.
Posts: 262
Opinion: No Opinion
Posted: May 1, 2019
Wed, 1st May 2019 14:58
RNS Number : 7884X
Petrofac Limited
01 May 2019
Final Dividend - exchange rate
Petrofac Limited hereby confirms that further to the final results announcement issued on Thursday, 28 February 2019, the UK Sterling equivalent of the final dividend of 25.30 US cents per ordinary share will be 19.34 pence per Share, based on an exchange rate of GB£1 = US$1.3079.
Subject to shareholder approval at the Annual General Meeting, the final dividend will be paid on Friday, 24 May 2019 to shareholders on the register at the close of business on Friday, 26 April 2019.
Posts: 262
Opinion: Hold
Posted: April 29, 2019
Petrofac has announced that it has secured several new contracts and extensions in the region, to provide training solutions for clients in the UAE, Oman and Iraq.
“These contract awards demonstrate the continued expansion of our differentiated training services offering in key countries, where supporting the national workforce development agenda is core to our approach. Petrofac has a strong track record in delivering large scale projects and solutions focused on the transfer of knowledge and technology, that have significant contribution to delivering in-country value,” said Karim Osseiran, Petrofac’s global head (Training Services).
According to a statement, in Oman, the company won two new contracts for the provision of HSE and technical training solutions and a contract extension for the provision of assessment services.
A new contract has also been awarded for the delivery of an internationally accredited operations and maintenance training programme, which will be delivered via the Takatuf Petrofac Oman (TPO) training centre in Muscat. The TPO facility was opened by Petrofac and its partner Takatuf Oman in late 2018, to provide training for the country’s next generation of workforce for the industry.
In the UAE, the firm secured a contract for the provision of on-the-job technical training and other specialised services to support a client’s oil and gas training facility.
In its statement, Petrofac notes that a British oilfield services company remains committed to the continuous development of the Iraqi workforce and, accordingly, that a contract has been renewed to deliver training solutions.
Posts: 262
Opinion: Strong Buy
Posted: March 13, 2019
Petrofac awarded US$1 billion EPC project in Algeria
Petrofac has been awarded a contract worth around US$1 billion with Groupment Isarene, the joint operating group set up by Sonatrach, Petroceltic and Enel, for the Ain Tsila Development Project in Algeria.
Located around 1,100 kilometres south-east of Algiers, the Ain Tsila field will produce gas, LPG and Condensate, for the local Algerian market and for export. Under the terms of the 42-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes commissioning, start-up and performance testing.
E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: “I am delighted we have the opportunity to be working with the Groupement Isarene partners to deliver this strategically important project.
“This award builds on Petrofac’s significant track record in Algeria where we have been operating successfully for more than 20 years, with a strong record for project execution and the development of local capability. We are focused on delivering an effective, safe solution that meets our high standards and continues our commitment to the local energy sector.”
Petrofac’s EPC activities in Algeria include Sonatrach’s Tinrhert Field Development Project, along with the Alrar and Reggane projects that commenced production last year.
Posts: 262
Opinion: Buy
Posted: February 28, 2019
PETROFAC LIMITED
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
· Solid operational performance in all our businesses
· Business performance net profit (1)(2) down 2% to US$353 million
· Reported net profit (2) of US$64 million post impairments and exceptional items
· New order intake (3) of US$5.0 billion; backlog (4) of US$9.6 billion at 31 December 2018
· Net debt eliminated; net cash of US$90 million
· Full year dividend of 38.0 cents per share
Full details below...
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PFC/13984480.html
Posts: 20
Opinion: Buy
Posted: February 12, 2019
OIL FIELD services company Petrofac is facing a potential £400m lawsuit from angry investors, following a share price crash after one of its former executives pleaded guilty to bribery and corruption charges.
The former global head of sales at Petrofac, David Lufkin, pleaded guilty last Thursday to offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.7bn (£2.88bn) and in Iraq worth $730m.
The news sent Petrofac's share price plunging nearly 30 per cent, from 559p to 395p.
Litigation funder Innsworth said yesterday it was preparing to fund a lawsuit against Petrofac on behalf of a group of institutional shareholders, who claim they have suffered substantial losses because of Petrofac's actions.
Innsworth said it was working with listed law firm Keystone Law and was "well progressed" in its analysis of potential claims.
Petrofac declined to comment on the potential lawsuit.
Last week the company said: "Petrofac confirms that no charges have been brought against any group company or any other officers or employees.
"Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.
"No current board member of Petrofac Limited is alleged to have been involved."
Its chairman, Rene Medori, said Petrofac "has policies and procedures in place designed to ensure that we operate at the highest levels of compliance."
Petrofac's share price fell 1.4 per cent to 388p yesterday.
Posts: 262
Opinion: Strong Buy
Posted: February 11, 2019
Petrofac secures UK Well Services agreement
Petrofac’s Engineering and Production Services (EPS) business has added to its growing Well Engineering portfolio with the award of a contract from independent Exploration and Production company, Siccar Point Energy.
The three-year agreement, which includes options to extend, is estimated to be worth up to US$95 million over the term.
The contract includes provision of Well Operator and Well Engineering Project Management services including supply chain management, for Siccar Point’s operated assets West of Shetland. Under these terms, Petrofac will be responsible for all new well work and the ongoing integrity management of existing well stock.
Petrofac will also deploy its industry-leading well project management software, WellAtlas®* to ensure efficient and assured project delivery.
Commenting on the award, Nick Shorten, Managing Director for Petrofac Engineering and Production Services in the Western Hemisphere, said: “We are delighted to have secured this significant new scope with Siccar Point Energy and very much look forward to supporting them in successfully delivering their ambitious exploration, appraisal and development plans, safely and cost efficiently over the next three years.
“This award builds on our existing track record for delivering Well Operator and Project Management services for clients across the globe, but specifically West of Shetland, where we have significant exploration, appraisal and development experience.”
* WellAtlas® is a unique integrated software tool which supports the entire well management and delivery agenda, providing a comprehensive overview of projects.
Posts: 262
Opinion: Strong Buy
Posted: February 7, 2019
I've loaded up on Petrofac shares, this morning.
I've been buying in 5000k tranches.
Lowest paid 420.6667
Highest paid 445.8636
I've bought a total of 42685K shares, this morning.
Will now sit back and wait for the price to head back towards 545.00 region.
Posts: 262
Opinion: Strong Buy
Posted: February 7, 2019
RNS Number : 3724P
Petrofac Limited
07 February 2019
Press Release
7 February 2019
BOARD UPDATE ON UK SERIOUS FRAUD OFFICE INVESTIGATION
This morning the Serious Fraud Office announced that a former employee of a Petrofac subsidiary yesterday admitted bribery under the UK Bribery Act 2010.
Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.
No current Board member of Petrofac Limited is alleged to have been involved.
René Médori, Chairman of Petrofac, said:
"The SFO has chosen to bring charges against a former employee of a subsidiary company. It has deliberately not chosen to charge any Group company or any other officer or employee. In the absence of any charge or credible evidence, Petrofac intends as a matter of policy to stand by its employees."
"Petrofac has policies and procedures in place designed to ensure that we operate at the highest levels of compliance and ethics."
Posts: 262
Opinion: Buy
Posted: February 7, 2019
LONDON (Reuters) - A former executive at British oil firm Petrofac has pleaded guilty to eleven counts of bribery as part of an ongoing Serious Fraud Office investigation into the company and its subsidiaries, prosecutors said on Thursday.
David Lufkin, 51, a British national and previously global head of sales for Petrofac International Limited, entered his pleas at Westminster Magistrates' Court on Wednesday.
The SFO said the charges related to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of 730 million dollars in Iraq and in excess of 3.5 billion dollars in Saudi Arabia.
The SFO said its investigation into Petrofac's use of agents in multiple jurisdictions, including Iraq and Saudi Arabia, is ongoing. Lufkin will be sentenced at a later date, prosecutors added.
The SFO first said it had begun an investigation into Petrofac in 2017 as part of a wider probe into Monaco-based oil and gas consultancy Unaoil.
Petrofac said last February that it expected its top management to be interviewed as part of the SFO investigation.
Petrofac did not immediately respond to a request for comment.
(Reporting by Iain Withers; Editing by Rachel Armstrong)
Posts: 262
Opinion: Buy
Posted: December 18, 2018
Petrofac awarded Ithaca construction and commissioning contract
Petrofac’s Engineering and Production Services (EPS) business has secured a construction and commissioning contract with Ithaca Energy (UK) Limited (Ithaca) valued in the region of US$10 million.
Under the terms of this reimbursable contract, Petrofac will be responsible for the topsides construction and commissioning works that are to be undertaken on the Ithaca-operated FPF-1 floating production facility, for the tieback of the BP-operated Vorlich field subsea development in the Central North Sea.
As Duty Holder of the FPF-1 asset Petrofac will fully integrate its operations and construction teams in support of the construction work scope, which is due to commence in January 2019 and complete in 2020.
Nick Shorten, Managing Director, EPS, Western Hemisphere, said: “I’d like to congratulate our team on securing this fantastic project which builds not only on our existing relationship with Ithaca Energy, but our wider portfolio of brownfield engineering and construction projects.
“Our track record for effective project delivery, combined with our operational knowledge of the FPF-1 asset, will enable us to deliver an integrated technical solution aligned to our client’s project and commercial objectives. We very much look forward to supporting development of the Vorlich field and continued investment in the North Sea.”
Posts: 262
Opinion: Buy
Posted: December 18, 2018
RNS Number : 7517K
Petrofac Limited
18 December 2018
18 December 2018
PETROFAC LIMITED
TRADING UPDATE
Petrofac issues the following pre-close trading update ahead of the announcement of its full year results for year ending 31 December 2018 on 28 February 2019.
· Trading in line with expectations
· New order intake (1) of US$5.0 billion in the year to date
· Net debt is expected to be around US$250 million at 31 December 2018
Ayman Asfari, Petrofac's Group Chief Executive, commented:
"We are on course to report good results, which reflect solid operational performance in all our businesses and excellent progress delivering our strategy.
"Healthy new order intake in both our core and growth markets reflects our competitiveness in a market that has seen some delays in contract awards. We have also made excellent progress transitioning back to a capital light business with US$0.8 billion (2) of divestments of non-core assets, realising US$0.5 billion of net divestment proceeds to date.
"Looking forward, we remain focused on securing new orders, delivering operational excellence and maintaining a strong balance sheet. We are well-positioned with a differentiated offering, good backlog and revenue visibility, and high levels of tendering for award in 2019."
Engineering & Construction (E&C)
We have made solid progress delivering our portfolio of projects. In Kuwait, the Lower Fars Heavy Oil, Manifold Group Trunkline and KNPC Clean Fuels projects are in pre-commissioning or phased hand-over stages. In Abu Dhabi, we recently achieved a major milestone on the Upper Zakum Field Development with the oil facility ready for start up. Elsewhere, the Jazan North and South tank farms, Fadhili sulphur recovery plant and RAPID projects are nearing completion. The topside platform has also been successfully installed on the Borwin 3 offshore wind project in the North Sea.
We have been awarded new orders worth US$3.8 billion in E&C year to date. Of these, US$2.2 billion were awarded in growth markets, including the Thai Oil refinery project in Thailand, three projects in India and an offshore wind project in The Netherlands. We are currently bidding on more than US$15 billion of tenders scheduled for award in the first half of 2019.
Engineering & Production Services (EPS)
The continued resilience of our operations business, short-term extensions of historical contracts in EPS East and good progress on our EPCm (3) projects are off-setting a challenging market environment for brownfield projects in the North Sea.
We have secured US$1.2 billion of awards and extensions in EPS year to date, predominantly in the UK, Oman, Turkey and Iraq.
Integrated Energy Services (IES)
Net production is forecast to be approximately 6.1 mmboe in 2018, in line with guidance (4). The average realised oil price (net of royalties) for the year is expected to be approximately US$61 per barrel of oil equivalent (2017: US$51/boe) reflecting higher oil prices, production mix and hedging activity.
Financial position
Group backlog stood at US$10.2 billion at 30 November 2018:
30 November 2018
31 December 2017
US$ billion
US$ billion
Engineering & Construction
7.8
7.5
Engineering & Production Services
2.4
2.7
Total
10.2
10.2
Net debt is expected to be around US$250 million at 31 December 2018 (2017: US$0.6 billion), benefitting from lower capital expenditure, a working capital inflow in the second half of 2018 and approximately US$0.5 billion of net divestment proceeds. We continue to review options for our remaining non-core assets, consistent with our strategy to reduce capital intensity.
Conference call
Alastair Cochran, Chief Financial Officer, will host a conference call for analysts and investors at 8am today.
Notes
(1) New order intake comprises new contract awards and extensions, net variation orders and the rolling increment attributable to EPS contracts which extend beyond five years. Order intake is not an audited measure.
(2) Gross consideration, including firm, deferred and contingent consideration.
(3) Engineering, Procurement and Construction Management.
(4) 2018 full year net production guidance is 6-7 million barrels of oil equivalent (mmboe).
Ends
Posts: 262
Opinion: Buy
Posted: August 29, 2018
RNS Number : 0985Z
Petrofac Limited
29 August 2018
Press Release
PETROFAC AWARDED US$600 MILLION PROJECT IN ALGERIA
Petrofac has received a provisional letter of award for an engineering, procurement and construction (EPC) contract worth US$600 million with Sonatrach for EPC1 of the Tinhert Field Development Project in Algeria. Formal contract signing is expected to take place in September 2018.
Located in Ohanet, around 1,500 kilometres southeast of Algiers, EPC1 will provide a new inlet separation and compression centre. Under the terms of the 36-month contract, the scope of work includes a pipeline network of approximately 400 km to connect 36 wells, along with commissioning, start-up and performance testing of facilities.
E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: "This award builds on Petrofac's significant track record in Algeria where we have been working in support of the country's oil and gas production for more than two decades.
"We have continued to grow our presence in-country through a number of major EPC and engineering services contracts with Sonatrach, including the Alrar and Reggane projects that commenced production this year, and look forward to deploying our expertise to deliver this project with operational excellence and safe project execution at the core of our approach."
Posts: 262
Opinion: Buy
Posted: August 29, 2018
PETROFAC LIMITED
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018
· Strong operational performance in all our businesses
· Business performance net profit (1)(2) up 20% to US$190 million
· Reported net loss (2) of US$17 million post impairments and exceptional items of US$207 million
· New order intake (3) of US$3.3 billion year to date; backlog (4) of US$9.7 billion at 30 June 2018
· Net debt of US$0.9 billion in line with expectations
· Signed US$0.8 billion of divestments year to date
· Interim dividend of 12.7 cents per share in line with dividend policy
Full RNS can be read at https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PFC/13770618.html
Posts: 262
Opinion: No Opinion
Posted: August 24, 2018
RNS Number : 7939Y
Petrofac Limited
24 August 2018
Press Release
PETROFAC AGREES TO SELL INTEREST IN GREATER STELLA AREA DEVELOPMENT
Petrofac Limited ("Petrofac" or "the Company") announces that it has today signed an agreement to sell Petrofac GSA Holdings Limited(1) to Ithaca Energy (UK) Limited ("Ithaca") for a total consideration of up to US$292 million. Petrofac GSA Holdings Limited owns Petrofac's 20% interest in the Greater Stella Area development and its 24.8% interest in the FPF1 floating production facility(2). Petrofac GSA Holdings Limited also owns Petrofac's long-term receivable from the GSA joint operation partners(3).
Under the terms of the agreement, Ithaca will pay approximately US$145 million by or on completion and a further US$120 million of non-contingent deferred consideration in the period 2020-2023. A further US$28 million of contingent consideration is payable depending on field performance.
The transaction is expected to complete in Q1 2019 and is subject to several conditions precedent, including completion of Ithaca's acquisition of Dyas UK Limited's 25% interest in the Greater Stella Area development and its shares in the FPF1 Company in accordance with the agreement executed by Ithaca and Dyas today.
Petrofac estimates that the transaction will result in a post-tax impairment charge of approximately US$55 million(4). Proceeds from the sale will be used to reduce gross debt. Petrofac will continue to provide Duty Holder services to the FPF1 floating production facility on a life of field contract.
Petrofac's Group Chief Executive, Ayman Asfari said: "This disposal marks a further milestone in our journey back to a capital-light business and, along with recently-agreed transactions in Mexico and Tunisia, marks the significant progress we are making on our stated strategy."
NOTES
1) The gross assets being disposed of had a carrying amount of US$341 million at 31 December 2017. The net assets being disposed of had a carrying amount of US$249 million at 31 December 2017. Petrofac GSA Holdings Limited group made a business performance net profit of US$15 million for the year ended 31 December 2017 and approximately US$18 million in the six-month period ended 30 June 2018.
2) The Company owning the FPF1 floating production facility ("FPF1 Company") currently has an option to require Petrofac to acquire the FPF1 floating production facility on cessation of production from the development. The price for the first five years is US$127 million, declining in value thereafter. The option will be extinguished on completion of the transaction.
3) The receivable balance of US$124 million at 31 December 2017 is included in the gross assets and net assets carrying amounts in note 1 above.
4) This is subject to change and the actual charge will take into account, inter alia, the net assets at the date of completion.
Posts: 262
Opinion: No Opinion
Posted: August 24, 2018
Ithaca Energy Limited (IAECN: ISINs US465676AA22 / USC48677AA34) (the "Company") announces it has entered into agreements to acquire all the Greater Stella Area ("GSA") licences and associated infrastructure interests of Dyas UK Limited ("Dyas") and Petrofac Limited ("Petrofac"). The acquisition materially increases the Company's production and reserves base, while simultaneously delivering full control and flexibility over the long term development of the GSA production hub.
The transaction involves the acquisition of all Dyas' and Petrofac's interests in the licences noted in the following table and each company's interests in FPF-1 Limited, the company that owns the FPF-1 floating production facility that is used on the GSA production hub. In addition, the transaction includes the transfer of Dyas' interests in the Ithaca-operated (non-producing) Jacky and Athena licences.
Petrofac's Interest
FPF-1 Limited 24.8%
Stella / Harrier 20%
Hurricane 20%
Posts: 262
Opinion: Strong Buy
Posted: May 18, 2018
RNS Number : 4973O
Petrofac Limited
18 May 2018
Press Release
18 May 2018
PETROFAC ANNUAL GENERAL MEETING
Petrofac Limited ("Petrofac" or "the Company") holds its Annual General Meeting today. At the meeting, Group Chief Executive Ayman Asfari will reiterate that Petrofac delivered solid full year results in 2017 and is well positioned in 2018.
Mr Asfari said: "We delivered solid full year results in 2017, with business performance net profit up 7% to US$343 million dollars, underpinned by good project execution, high levels of activity, strong financial discipline and an excellent safety record. We saw a strong recovery in new orders, maintained our bidding discipline and continued to deliver our strategic objectives.
"We also continue to make good progress in 2018 delivering our strategy of focusing on our core, delivering organic growth and reducing capital intensity. Tendering activity remains high and the Group has been awarded more than US$1.7 billion of new orders in the year to date. We recently announced our exit from the deep-water market through the sale of the JSD6000 installation vessel, and we continue to retain strong liquidity."
Commenting on Board changes taking effect at today's meeting, Mr Asfari said: "I would like to thank our Chairman Rijnhard van Tets who steps down after many years of committed service to the Board, the last three as Chairman. This period has not been without challenge, and I commend Rijnhard for his unstinting commitment, wise counsel and sound leadership of the Board. René Médori brings important continuity as incoming Chairman and I look forward to working with him in his new role."
Rijnhard van Tets said: "I would like to thank my fellow Board members, and the executive management team, for their support. Petrofac has a clear, focused strategy and I have every faith it will continue to grow and prosper over the longer term. I wish Ayman and the team every success in the future."
Posts: 262
Opinion: Strong Buy
Posted: May 16, 2018
Petrofac has secured a long-term Framework Agreement (FA) with Transmission Capital to provide engineering services across six of its OFTO (Offshore Transmission Owner) assets.
Under the Agreement, which is for five years, Petrofac has already been awarded two subsea engineering work scopes on key export cables connecting the Lincs and Robin Rigg offshore windfarms with their onshore transmission systems. The FA will enable Petrofac to support future engineering requirements across all of Transmission Capital’s OFTO export cables and substations in the Southern North Sea and Irish Sea.
The award builds upon Petrofac’s recent successes in the UK and German offshore wind markets, where it has been providing Engineering, Procurement and Construction support on major fixed and floating wind developments, and designing and engineering subsea cables.
Commenting, Usman Darr, Vice President Engineering Services for Petrofac Engineering and Production Services, West said: “This award reflects Petrofac’s growing position in the offshore wind market, where we continue to build our track record of delivering a strong, technically competent service for our clients.
“We very much look forward to having the opportunity to leverage our experience of challenging seabed conditions on behalf of Transmission Capital, through a range of multi-discipline engineering and operational support services.”
Posts: 262
Opinion: Strong Buy
Posted: May 12, 2018
Oilfield Services Firm Petrofac Looks To Exit Upstream Oil Business
By Tsvetana Paraskova - May 11, 2018, 7:00 PM CDT
Oilfield services provider Petrofac has hired banks to help it sell its oil assets in Mexico and is looking to scale back its upstream oil and gas business, Reuters reported on Friday, quoting several banking sources.
London-listed Petrofac has hired investment banks HSBC and Barclays to help it with the sale of the oil fields it has in Mexico, as the oilfield services provider is now looking to refocus on its core business—onshore engineering and construction.
Petrofac became the first foreign firm to operate state oil fields in Mexico in more than 70 years, when in 2012 Mexican state-run company Petróleos Mexicanos (Pemex) awarded it two integrated services contracts.
Apart from the Mexican fields, Petrofac may also consider divesting its assets in the Greater Stella Area in the UK’s North Sea, according to Reuters’ sources.
Ithaca Energy, owned by Israel’s Delek Group, could make an offer for Petrofac’s Greater Stella assets, one of the sources told Reuters.
Ithaca Energy holds a 54.66-percent working interest in Greater Stella, while Petrofac is one of the other two shareholders with a 20-percent stake.
Petrofac—which designs, builds, operates, and maintains oil and gas facilities—ventured into oil and gas production projects in the early 2000s before the oil price crash of 2014.
Related: How Much Iranian Oil Can Trump Disrupt?
But the lower oil prices have hit Petrofac’s Integrated Energy Services (IES) division, for which the company reported in its 2017 results lower cost recovery in Mexico, reflecting lower capital investment.
Petrofac is under investigation by the UK Serious Fraud Office (SFO) in connection with an investigation into the activities of Unaoil. The investigation is wide ranging in time and scope, and relates to the activities of Petrofac, its subsidiaries, and their officers, employees, and agents for suspected bribery, corruption, and/or money laundering, Petrofac said in February an update on the investigation that the SFO announced in May 2017.
Posts: 262
Opinion: Strong Buy
Posted: May 1, 2018
OOCEP extend technical services contract with Petrofac.
Petrofac Oman E&C LLC (“Petrofac”) has been awarded a Technical Support Services contract by Oman Oil Company Exploration & Production LLC (“OOCEP”), under which Petrofac will provide, amongst other things, technical services, including support services, for the OOCEP’s Abu Bu Tabul (ABB) gas facility and Musandam Gas Plant (MGP) in Oman.
Petrofac has drawn upon its extensive operating track record, leading asset integrity process and toolkit to work with OOCEP to monitor and manage risks related to asset integrity and safety. OOCEP, working closely with Petrofac, has developed its own operating capability and systems to assume operational management of the facilities.
The extended collaboration follows a three-year contract during which Petrofac successfully delivered operations and maintenance (O&M) services at ABB and MGP for OOCEP. Within the new technical support services contract, Petrofac will deploy engineering and operations personnel across OOCEP’s asset portfolio.
Steve Webber, Senior Vice President, Engineering and Operations for EPS East said, “This is a great example of Petrofac working with national oil companies to deliver high standards for safety and for operating new facilities, as well as sharing industry best practice and working collaboratively. For the last three years, we’ve focused on improving the awareness of process safety and risk assessment amongst the facility’s operating personnel. We’re delighted to continue working with OOCEP as this will allow us to share invaluable knowledge and experience, which will be retained going forward with the award of the new technical services contract to Petrofac.
“With this new contract framework we have created a mechanism through which we can work together with OOCEP on the operational needs of its asset portfolio over the long-term.”