Petrofac in $580M Gulf LOI

Oilfield services provider Petrofac has signed a binding letter of intent, for a contract worth around US$580 million with an undisclosed client.

Petrofac on Monday said the letter of intent was with a GCC National Oil Company for the engineering, procurement and construction (EPC) of a major project. GCC stands for Gulf Cooperation Council, a political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.

“Specific details in relation to the project remain confidential at this time and additional information will be announced in due course,” Petrofac said.

E S Sathyanarayanan, Group Managing Director, Engineering & Construction, said: “Petrofac has a very strong record of project execution in the GCC. This latest contract award further cements our footprint in our core markets, and we look forward to delivering a safe and successful project.