Petrofac, Hyundai Awarded $2.4 Billion Contract in Abu Dhabi

Petrofac Ltd. (PFC) and Hyundai Engineering & Construction Co. were awarded a $2.4 billion contract by Abu Dhabi Marine Operating Co. as the emirate seeks to expand crude oil production.

The contract is for the 100,000 barrel-a-day Satah Al- Razboot field development, the Abu Dhabi-based company said today in an e-mailed statement. The project is part of a plan to increase crude output by 300,000 barrels daily from new offshore fields, it said.

South Korea’s Hyundai will undertake onshore works including processing, storage and building export terminals for $1.89 billion, according to the statement. U.K.-based Petrofac will carry out construction of subsea cables, pipelines, a mooring facility and platforms, it said.

Petrofac said today in a separate statement that the contract would start “shortly” and be delivered by April 2016. Its main clients are in Abu Dhabi, Algeria, Saudi Arabia and Turkmenistan.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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