Proactive Investors - Petrofac Limited (LON:PFC) shares climbed 11% in Friday’s early deals after the offshore engineer and oil services firm announced a new contract worth over $200 million.
It is a three-year deal to provide personnel, technical support, procurement services, and implement management systems for the Galkynysh Gas Field, in Turkmenistan – which is ranked among the largest gas fields in the world.
Specifically, it relates to the Galkynysh Gas Field Central Processing Facilities and follows a previous project to ‘deliver’ the field for its operator, state energy company Turkemengas.
The company, in a statement, noted that it the prior Galkynysh project which completed in 2013 was one of the largest engineering, procurement, construction and commissioning (EPC) projects delivered by Petrofac’s Engineering & Construction business unit.
“Petrofac has a proud history of working with Turkemengas,” Petrofac chief operating officer for its asset solutions business, Nick Shorten said.
“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.”
Earlier this week, Petrofac updated on its ongoing strategic review and turnaround with the company, currently valued in the market at around £130 million, telling investors that it is in active talks with its lenders and potential ‘capital providers’.
It followed December’s update, in which the offshore engineer and oil services firm said it intended to fortify its balance sheet and enhance its liquidity.
The company, on Tuesday, noted that the active negotiations were ongoing and so is its strategic review that intends to secure a solid foundation to satisfy its backlog of work that’s estimated to be worth $8 billion.
Today, in London, Petrofac shares were up 2.3p or 9.9% changing hands at 25.56p.