Marathon extends Petrofac's North Sea contract

12th Jul 2011 08:36

US oil firm Marathon Oil, which has been working with oilfield services provider Petrofac in the North Sea since 2005, has extended the UK company's services contract by four years. Starting in August 2011, Petrofac will deploy its engineering, construction, operations and maintenance services under the terms of the new contract. The base scope of the deal is valued at £36m, although this does not include the value of any future projects which may get sanctioned. The share price of Petrofac was trading at 1,444p early on Tuesday, down 41p on the day. --jh