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Petrofac shares buoyed as it lands new business in Oman

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Petrofac Limited (LON:PFC) shares traded in positive territory in Thursday’s early deals as it landed two new contracts in Oman worth a total of US$300mln.

The contracts are with Petroleum Development Oman (PDO).

The first is a 30-month turnkey contract for a gas compression project in the south of Oman, whilst the second is a seven-year contract for engineering services and support in the north of the sultanate.

“Petrofac has a significant track record in Oman and PDO are a longstanding client,” said Elie Lahoud, Petrofac chief operating officer for engineering and construction.

“We look forward to building on our strong relationship through these latest contract awards. Both will be delivered by our teams in the sultanate, with the focus on safety, maximising local and sustainable delivery, and generating in-country value.”

In London, Petrofac shares were up 1.75p or 1.51% changing hands at 117.55p in Thursday’s early deals.

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