Petrofac Company has announced that it is currently enjoying a highly successful year following new contract awards from the Middle East and the Gulf regions, according to Construction Week Online.
Petrofac revealed that it secured deals worth $8.4 billion since the start of 2014, of which $7.2 billion were earned by the firm’s engineering, construction operations and maintenance arm.
These contracts include a $1.2 billion contract in Oman’s Khazzan gas field, a $1.7 billion gain as part of a consortium delivering $3.7 billion of work on the Kuwait Clean Fuels Project, added to a $970 million gas-treatment facility in Algeria. Moreover, Petrofac has agreed to capacity enhancements at the Upper Zakum field in Abu Dhabi.
The Company had reported a revenue and net profit drop during the first half of 2014 to $2.5 billion and $136 million, respectively, compared to $2.8 billion $243 million, respectively, during the same period in 2013. However, the firm has highlighted that its earnings would be "significantly weighted towards the second half of the year" reflecting the way in which projects are phased.
Petrofac revealed that it expects a full-year profit ranging between $580 million-$600 million.
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