U.K. company wins contract to work with Daelim Industrial

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U.K. company wins contract to work with Daelim Industrial

Petrofac, a U.K.-based oil and gas engineering company, won a $2.1 billion contract to upgrade a refinery in Oman with Korean partner Daelim Industrial.

The companies will add new refining units to the complex in the Sohar Industrial Area as well as improving the existing facility, Petrofac said yesterday in a statement.

The 36-month contract is aimed at increasing production by more than 70 percent.

Petrofac rose 1.8 percent to 1,212 pence at the close in London trading, valuing the company at 4.2 billion pounds ($6.8 billion).

Daelim rose 1 percent to 94,600 won in Seoul.

The contract will be a boon to Petrofac, which said last week profit growth next year will be “modest” at best.

Project delays in Abu Dhabi and Malaysia have postponed new streams of revenue for the London-based company. Earlier this year, it won contracts in Abu Dhabi, Algeria and Iraq.

Bloomberg

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