Petrofac shares rise on $100m order boost in Iraq

LONDON: Petrofac shares rose by almost 2.5 percent on Wednesday afternoon after the oilfield services company said it had signed contracts worth more than $100m (£77m) in Iraq.

It secured a contract extension and a new award with a combined value of more than $100 million for construction management, engineering, commissioning and start-up services for two international oil companies in Iraq.

Petrofac, a London-listed oil services firm with operations in Abu Dhabi and Sharjah, did not identify the companies it has contracted with.

The announcement builds upon $70 million of new awards in Iraq announced in April, giving the group good visibility of future work in the country and securing around 250 jobs.

Mani Rajapathy, managing director, engineering and production services East, said: “Iraq is an important market for us and, as evidenced by the number of awards we’ve secured there this year, we’ve consistently proven our delivery and execution capability on behalf of our clients.

“As we move forward, our teams will remain focused on ensuring services are delivered in alignment with our clients’ expectations to enable them to maximize value from their oil and gas assets.”

The company’s shares have only risen slightly since plunging in May following the Serious Fraud Office’s investigation into suspected bribery, corruption, and money laundering.