FINANCIAL NEWS

Petrofac wins USD95m services contract in Iraq

19 Jun 2012

(MENAFN) British oil services firm Petrofac won a USD95 million contract to undergo maintenance work for new offshore terminals and sub-sea pipelines run by Iraq’s South Oil Company, Reuters reported.

The company won over its two competitors Italy’s Saipem and Australia’s Leighton Holdings, said an oil official who declined to be named.

Petrofac will be responsible for run maintenance work to ensure there are no leakages in the pipelines or any faults at the two new single point mooring (SPM) terminals that may delay the loading of crude in the Gulf, the official added.

Iraq has planned for four new SPM terminals which are being built by Leighton, as it seeks to double crude output in the next few years.

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