Petrofac inks $100m Iraq offshore deal
Baghdad, August 15, 2012
Petrofac, a leading international oil and gas service provider, said it has won a $100 million contract from Iraq’s South Oil Company (SOC) to provide offshore operations and maintenance services for its crude oil expansion project.
Petrofac said the 12-month contract, awarded to its Offshore Projects & Operations (OPO) business unit, will commence following a three-month mobilisation period.
There is also additional scope for the contract to be extended via two one-year contract extension options, said a statement from Petrofac.
The OPO will provide operations and maintenance services for the oil export facilities situated 60 km offshore the Al Fao Peninsula in southern Iraq. These include an offshore platform, metering station, single point moorings, subsea pipelines and tanker operations.
Commenting on the win, Marwan Chedid, chief executive of engineering, construction, operations and maintenance division, said: 'This is our first offshore operations contract in Iraq which broadens the scope of our growing operations within an important country.'
'This is also the first time Petrofac has contracted directly with an Iraqi National Oil Company, and we are delighted to begin our working relationship with SOC, a new and important customer for our group,' he remarked.
'We intend to deploy our capabilities together with our focus on delivery to enable SOC to operate its offshore facilities safely, while delivering increased crude export,' Chedid added.
SOC director general Dyeyaa Jaafar Hyjam said Petrofac was selected in recognition of its capabilities and the good work it has undertaken within Iraq to date.
'Increasing the export of crude is a key driver for this important project and we are confident that Petrofac can help us deliver our targets and become a trusted partner for SOC over the long-term,' he added.-TradeArabia News Service