Petrofac Sells Mexico Assets to Perenco
Oilfield services company Petrofac Ltd said on Thursday it would sell the remaining 51% interest in its Mexican oilfields for up to $276 million to Anglo-French oil and gas company Perenco.Petrofac, which had offloaded a 49% stake in the operations to Perenco last year, said the sale includes interests in onshore fields San
Petrofac JV Wins $2 Bln Refinery Contract in Oman
Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering…
Petrofac Suspends COO Amid Fraud Probe
Oilfield services provider Petrofac has suspended Chief Operating Officer Marwan Chedid until further notice after Britain's Serious Fraud Office (SFO) questioned him as part of an investigation into Monaco-based Unaoil. The SFO launched a criminal investigation into Unaoil…
Petrofac Expects Further Loss on Shetland Project
Shares fall as much as 14 pct. Petrofac Ltd said its loss on the Laggan-Tormore project in the Shetland Islands would now be larger than it expected, highlighting the hostile operating conditions and high costs faced by oil and gas developers in the North Sea.
Middle East State Spending Throws Lifeline to Oilfield Services
Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank…
Middle East State Spending Buoys Oilfield Services
MENA states have no option but to keep spending; Some OFS companies see strong bid pipeline for 2015. Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down.
Norman Murray, Petrofac Chairman Quits
Petrofac, the international oil & gas facilities service provider, today announces that Norman Murray, who has been Chairman since May 2011, has resigned from the Board and will step down as Chairman with immediate effect for compassionate reasons. Senior Independent Director…
Oil Services Must Take on More Risk, Petrofac CEO Warns
Oil service companies will have to assume more risk in the coming years as investor pressure and a flat crude price make oil company clients push harder to avoid delays on megaprojects, the chief executive of FTSE 100 contractor Petrofac said. The biggest oil companies…
