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LONDON / WAM
UAE-linked Petrofac, a leading international service provider to the oil and gas production and processing industry, has secured new orders worth $1.8 billion in the first half of 2018, according to an update released to the London Stock Exchange on Tuesday.
“We are trading in line with expectations, delivering best-in-class project execution, continued momentum in new orders and further progress in our strategy,†Petrofac Group Chief Executive, Ayman Asfari, said.
“We have secured new orders in the year to date of $1.8 billion, with awards in both our core and growth markets. We are well-positioned on several bids and tendering activity remains high with around $20 billion of bid opportunities due for award in the second half of the year,†he said.
Good progress is being made, Asfari said, on several major projects “that are expected to be substantially complete around the end of the year.†These include the Upper Zakum Field Development, offshore Abu Dhabi, as well as its KNPC Clean Fuels project, Lower Fars Heavy Oil project and the Fadhili Sulphur Recovery Plant.