Petrofac Rises After $2.9 Billion Contract in Abu Dhabi

Petrofac Ltd. (PFC), a U.K.-based oil engineer, rose to a two-week high in London trading after winning a $2.9 billion contract in Abu Dhabi, its second in the Gulf emirate this month.

The shares gained 0.6 percent to 1,438 pence at the close, valuing the company at 4.97 billion pounds ($8 billion). That’s the highest price since March 26.

Petrofac won the contract for the Upper Zakum field development together with Daewoo Shipbuilding & Marine Engineering Co., the London-based company said today in a statement. The total contract was $3.7 billion, it said.

The works include construction of facilities such as crude oil processors, export pumps, water injection plants, and power generation units, Petrofac said. The facilities will start operating in 2016, it said.

Earlier this month, Petrofac was awarded the Satah Al- Razboot field development in Abu Dhabi with Hyundai Engineering & Construction Co. The contract was valued at $2.4 billion.

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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