Petrofac secures $200m contract with Turkemengas

8th Mar 2024 07:38

(Sharecast News) - Petrofac said on Friday that it has been awarded a three-year operations contract from Turkemengas at the Galkynysh Gas Field, in Turkmenistan.

Valued at more than $200m, the contract includes: the provision of personnel to supervise and support operations and maintenance activity; the provision of technical support and procurement services; and the development and implementation of management systems to support efficient operations of the Galkynysh Gas Field Central Processing Facilities 1 and 1A.

No performance guarantees are required to be posted in relation to this contract.

Delivery of the Galkynysh Gas Field project, for state-owned Turkemengas, was one of the largest engineering, procurement, construction and commissioning (EPC) projects delivered by Petrofac's Engineering & Construction business unit. The contract to develop the world's second largest gas field was awarded in 2009, and completed in 2013.

Nick Shorten, chief operating officer of Petrofac's Asset Solutions business, said: "Petrofac has a proud history of working with Turkemengas. The expansion of our relationship is testament to our track record of delivering value to customers' operations. Securing this contract further demonstrates our strategy to expand Asset Solutions' geographic reach.

"We look forward to continued collaboration with Turkemengas, enhancing safe and reliable operations."

At 0815 GMT, the shares were up 11.8% at 26.00p.