LONDON, April 11 British oil services firm
Petrofac said on Thursday its joint venture with
Mubadala Petroleum won a $2.9 billion share of a contract to
build facilities on an oil field in Abu Dhabi, lifting its
Petrofac's investors have been impatient to see it win new
contracts after the company caused concerns in February by
deviating from a usual practice of providing a specific annual
Shares in FTSE 100 constituent Petrofac, which have fallen
14 percent in the last three months, climbed 1.75 percent to
1,455.5 pence in midday training.
Numis analyst Sanjeev Bahl said the joint venture contract
win was worth about $1.45 billion to Petrofac itself, and was
positive news for the company.
"It helps derisk consensus forecasts. We still think they
need another $5 billion or so (of contract wins) this year," he
Petrofac, which designs and builds oil and gas
infrastructure and also invests alongside oil firms in oil
fields, earlier in April won another contract in Abu Dhabi worth
The company said in February it was seeing a strong pipeline
of bidding opportunities meaning it would deliver "good growth"
in net profit this year and adding to its confidence in meeting
a 2015 earnings target.