Petrofac wins $350m services contract in Equatorial Guinea

18th Apr 2024 08:56

(Sharecast News) - Energy services group Petrofac has won a contract with the national oil company of Equatorial Guinea worth $350m over five years.

Under the terms of the contract, Petrofac will deliver technical services including maintenance, asset integrity, marine services and well engineering across onshore support bases, an FPSO and a platform on behalf of Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol).

Petrofac will manage the contract from Equatorial Guinea's capital Malabo, with supports from its technical hub in Aberdeen, but will continue to use local capabilities, staff and contractors that were previously in place.

"We look forward to developing our relationship with GEPetrol further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea," said Nick Shorten, chief operating officer of Petrofac's Asset Solutions business.

"This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation."

The stock was up 1% at 22.82p by 1005 BST.