Petrofac signs £75m contract

Suzie Neuwirth
PETROFAC, the FTSE 100-listed oil and gas services provider, yesterday said it has signed a $120m (£75.3m) agreement with Petronas, the Malaysian national oil company.

Under the five-year deal, which has an option to extend for a further two years, Petrofac will operate and manage two offshore training facilities for Petronas.

The agreement follows an earlier memorandum of understanding between the two parties to develop staff capabilities.