Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Petrofac shares rally as it lands new $200mln contract in Turkmenistan

Published 08/03/2024, 08:46
Updated 08/03/2024, 09:10
Petrofac shares rally as it lands new $200mln contract in Turkmenistan

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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.