British oilfield services company Petrofac Ltd. said on March 28 that Kuwait Oil Co. had awarded the company a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in southeast Kuwait.
Petrofac’s shares rose as much as 2.33%.
The company will develop a gathering center to process crude oil and gas recovered from Arifjan, Marat, Minagish Oolite and Burgan Wara high hydrogen sulphide fields, with work scheduled to be completed by 2020.
Petrofac said in February that it saw an uptick in bidding activity in its core Middle Eastern markets.
A number of contracts that were deferred in 2016 were seen coming back in 2017, CFO Alastair Cochran told Reuters then.
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