Petrofac
EPC colossus continues regional domination after scooping big ticket Middle East contracts and a $3.4 billion mega-deal in Turkmenistan
Last year’s table-toppers Petrofac stay at number one in this year’s Oil & Gas Middle East Top 25 EPC Contractors Special Report on the back of $6 billion of new orders in 2010 in its Engineering & Construction business, including a company-record $3.4 billion EPC contract in the Caspian.
Middle East contract wins have continued after a recession-bucking 2009. As part of an interview with Oil & Gas Middle East (see page 24-25), Maroun Semaan, Group COO says the regional powerhouse predicts like-for-like net profit growth in 2011 of “at least 15%”, despite the EPC contracting environment remaining “highly competitive”.
The firm also won a varied portfolio of work throughout the region this year, with seven major projects now underway.
In March, Petrofac bagged a $600 million contract for gas sweetening facilities at Qatar Petroleum’s Massaieed and Dukhan industrial districts.
July and August saw two big wins in Kuwait: a $400 million contract for gas and oil pipelines from Mina Al Ahmadi to the Azzour and Shuaiba power stations, and a $430 million award for effluent water and sea water injection facilities, which will increase recovery in the Raudhatain and Sabriyah oil fields.
In Sharjah, Petrofac have been handed the keys to the Sajaa gas plant by the government in a $250 million operations and facility management deal.
The banner win for the year came in Turkmenistan, where under a $3.4 billion deal Petrofac will deliver a 10 billion cubic meters per annum gas processing plant along with the infrastructure and pipelines for the entire development on a lump sum turnkey (lstk) basis at South Yoloten for Turkmengas.
When complete, the South Yoloten field is expected to export 20 bcma of gas.
Semaan also said the business has “been very active” in Algeria, which paid off with the award of a $1.2 billion lstk contract to develop southern fields in the In Salah development.
Petrofac’s entry into Iraq has also been successful. The firm recently announced they beat the pack to win a competitive tender of a $240 million deal from Shell for the development of the southern Majnoon field.
In Sharjah, Petrofac was awarded a project by the Government of Sharjah to take over the O&M of the Sajaa gas plant in a $250 million deal.
