Petrofac signs second contract within a month in India

Visakhapatnam oil refinaryThis is Petrofac's second contract in India this month. (Image source: IM3847/Wikimedia Commons)Oilfield services company Petrofac Ltd said it was awarded an engineering contract worth about US$200mn as part of upgrades to the Visakh Refinery in the southern part of India

The contract, its second in India just this month, was awarded by state-owned Hindustan Petroleum Corporation Limited and includes the development of a sulphur recovery unit.

Earlier this month, it was awarded a contract for worth about US$135mn by Bharat Petroleum Corporation Limited for engineering work on its Kochi refinery.

"It is particularly satisfying to be expanding our EPC activities in-country with this award and our recent contract award in Kerala," said Sunder Kalyanam, group managing director for Petrofac's engineering & construction growth business.

The company's order backlog stood at US$10.2bn as of 31 December 2017.

Shares of the company, which is heavily exposed to the Middle East, were up about 1.4 per cent at 498.90 pence as of 0925 GMT.

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