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these contracts are not enough to move the share price substantially in my opinion. However it does demonstrate that PFC is continuing to secure jobs in different locations where they are allowed to bid. Only a substantial contract can move the SP upwards or a drop of the SFO case or some sort of an agreement. For PFC , survival mode is good enough for now. That is my opinion.
“Through our engineering and project execution capability, Petrofac has been supporting Tatweer Petroleum to deliver a number of key upstream gas projects in the Kingdom of Bahrain. We again look forward to applying our skills and expertise to safely deliver this critical infrastructure, which underpins the supply of energy to Bahrain.”
Petrofac has been present in Bahrain since 2015, following the award of an EPCC contract to supply a new gas dehydration facility by Tatweer Petroleum. The project was successfully completed in 2018, and additional scope of work was then secured by Petrofac for the engineering, procurement, and construction of several gas wells, to be connected to the facility. In June 2020, Petrofac was awarded a new multi-million dollar EPCC contract by Tatweer Petroleum for an upstream gas project that includes well hook-ups, associated pipelines, and tie-ins for several new gas wells that the company is planning to drill as part of its gas delivery strategy in the Bahrain Field.
Petrofac awarded EPCC contract in Bahrain
The Engineering, Procurement, Construction, and Commissioning (EPCC) scope of work includes high pressure gas pipelines and fibre optic cabling. The underground pipelines will run through sections onshore and offshore below the seabed in support of gas supply to the Kingdom and will be designed for full interchangeability.
What you are saying is true. The other side of it can be that PFC keeps on reducing staff and overheads according to the workload they have. They are an engineering and contracting company and can adjust according to the work load. Let us not forget , PFC started as a small player and grew over the years. They are capable of shrinking and adjusting to market situation hopefully until the SFO concludes their everlasting investigations.
Petrofac’s Engineering and Production Services (EPS) business continues to expand its UK EPC portfolio with a new three-year contract with ONEgas, an integrated cross-border asset between Shell UK and the Nederlandse Aardolie Maatschappij.
The agreement comes with two one-year options to extend. The contract builds on Petrofac’s previously awarded Framework Agreement, enabling delivery of Engineering, Procurement and Construction (EPC) services across the Operator’s Southern North Sea portfolio. The framework positions Petrofac to support the Clipper South complex, Leman Alpha assets, Bacton Terminal, and ONEgas Barge campaigns in the Southern North Sea.
Nick Shorten, Chief Operating Officer of Petrofac Engineering and Production Services, said: “We are very pleased that ONEgas has demonstrated its continued confidence in our teams in Great Yarmouth and Aberdeen, by increasing our service provision.
“Over the last 18 months Petrofac’s UK brownfield projects business has achieved notable growth. Our best-in class engineering teams, scalable delivery model and project control systems are now being deployed in support of more than 30 assets in the UK. We look forward to continuing this trajectory in 2021 as clients continue to focus on asset integrity, facility modifications and development projects.”