FTSE 100-listed oil and gas services provider Petrofac yesterday unveiled a $650m (£405m) deal in partnership with Italian contractor Bonatti, to extend the life of the Alrar gas field in south east Algeria.
The engineering, procurement and construction contract will last 32 months and has been awarded by Algerian state-owned oil explorer Sonatrach.
“We are delighted to be partnering with Bonatti in order to deliver this project for Sonatrach at the Alrar field,” said Subramanian Sarma, managing director of Petrofac’s onshore engineering and construction unit.
“This development builds on Petrofac’s long history...in Algeria where we have been operating successfully for over 15 years.”
Last month Petrofac unveiled a $120m (£75.3m) agreement with Petronas, the Malaysian national oil company.
Malcolm Graham-Wood, analyst at VSA Capital, said: “We have seen a solid recovery from Petrofac these last few months, built on a large number of high quality contracts that the market bears thought either wouldn’t come or at least not this year.”
Shares closed up 0.7 per cent.