Petrofac, Hyundai Awarded $2.4 Billion Contract in Abu DhabiNidaa Bakhsh
Petrofac Ltd. 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 continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- The Two Words That Will Help Get an Airline Upgrade Over the Phone
- U.S. Stocks Rebound, Dollar Stumbles With Yields: Markets Wrap
- Jeremy Grantham Wants His Kids to Get Into Emerging Markets
- Brighter U.S. Growth Outlook Emboldens Fed on Rate-Hike Course
- Apple in Talks to Buy Cobalt Directly From Miners