Petrofac rises to 3-month high on $1.2 billion BP deal

2/20/2014

Petrofac rises to 3-month high on $1.2 billion BP deal

BY EDUARD GISMATULLIN

LONDON (Bloomberg) -- Petrofac Ltd. rose to the highest in three months in London trading after the oil-services provider won a $1.2 billion contract from BP Plc in Oman.

Petrofac advanced as much as 4 percent to 1,383 pence, the highest intraday price since Nov 15. It’s up 12 percent in 2014.

BP awarded the engineering, procurement and construction contract for the central processing facility of the Khazzan gas project, London-based Petrofac said today in a statement.

“This contract is very much Petrofac’s bread-and-butter, an onshore gas processing plant in the Middle East,” Investec Bank Plc said in a note.

Separately, Ophir Energy Plc today said it signed a non-binding agreement with Petrofac to help develop a gas project off Equatorial Guinea.

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