Petrofac Shares Rise on Award of $1 Billion Contract
March 13 2019 - 11:47AM
Dow Jones News
By Oliver Griffin
Shares in Petrofac Ltd. (PFC.LN) rose Wednesday after the
company said that it was awarded a contract worth around $1 billion
for the Ain Tsila development project in Algeria.
The oil-services company said the contract was awarded by
Groupement Isarene, the joint operating group set up by Sonatrach,
Petroceltic International PLC (PTIFF) and Enel S.p.A.
(ENEL.MI).
The Ain Tsila field will produce gas, liquefied petroleum gas
and condensate for the local Algerian market and for export. The
engineering, procurement and construction contract will run for 42
months, Petrofac said.
Shares at 1509 GMT were up 2.8% at 478.70 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
March 13, 2019 11:32 ET (15:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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