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Petrofac Rises to 3-Month High on $1.2 Billion BP Oman Deal

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Feb. 20 (Bloomberg) -- Petrofac Ltd. rose to the highest in three months in London after the oil-services provider won a $1.2 billion contract from BP Plc in Oman.

Petrofac advanced 2.3 percent to close at 1,360 pence, the highest price since Nov. 15. It’s up 11 percent in 2014.

BP awarded the engineering, procurement and construction contract for the central processing facility of the Khazzan gas project, London-based Petrofac said today in statement.

“This contract is very much Petrofac’s bread-and-butter, an onshore gas processing plant in the Middle East,” Investec Bank Plc said in a note.

Separately, Ophir Energy Plc today said it signed a non-binding agreement with Petrofac to help develop a gas project off Equatorial Guinea.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

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

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