Petrofac has secured a second contract extension from South Oil Company (SOC) for support on its Iraq Crude Oil Expansion Project.
The 12-month extension, worth around US$106 million, comes into effect in December and brings the total value of the contract to more than US$300 million since it was first awarded in 2012.
Petrofac is responsible for operations and maintenance services on a range of offshore facilities including an offshore platform, Central Metering and Maintenance Platform (CMMP), four single point moorings (SPMs), subsea pipelines and tanker operations, all based 60km offshore the Al Fao Peninsula in southern Iraq.
Mani Rajapathy, Senior Vice President MENA/CIS, Petrofac Offshore Projects & Operations, said: “This extension builds on Petrofac’s recent successes in Iraq and our commitment to our valued customer SOC. Over the past 24 months we’ve loaded 280 tankers and exported 570 million barrels. We have helped to drive consistent improvement in monthly exports, with export for the last six months averaging in excess of 31 million barrels. We have also delivered this with an impeccable safety record, having achieved 2.5 million man hours without a Lost Time Injury.”
Dyeyaa Jaafar Hyjam, Director General, South Oil Company said: “During the last two years, apart from delivering operations and maintenance and export targets, Petrofac has brought in its wider capabilities in engineering, supply chain and project management for the benefit of SOC. This contract extension reflects Petrofac’s significant contribution to SOC’s improved export from Al Fao, in a safe and efficient manner.”
Petrofac signed the first contract extension agreement with SOC in October 2013.
Press Release; Image: Foster Wheeler