Petrofac loses two $1.65bn recent contracts

Published: 18 April 2020 - midnight
By: Martin Menachery
Petrofac announced that its Petrofac Emirates joint venture has received notice of termination from ADNOC of two recently awarded contracts for the Dalma Gas Development Project. Petrofac is committed to working with ADNOC over the coming weeks to explore alternative options to deliver this project in a way that supports their strategic objectives within the current challenging environment.

The project, worth around $1.65bn, and awarded in February 2020, comprised two packages. Petrofac Emirates’ portion of the scope of work is valued at $1.5bn.

Petrofac continues to progress execution of its remaining group backlog of around $7bn as planned and is still progressing with tendering for major contracts in Abu Dhabi. However, it anticipates this development may have an impact on the timing of their awards.

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