Petrofac, Hyundai Awarded $2.4 Billion Contract in Abu Dhabi

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.