Vitality service supplier Petrofac has secured an operations contract from Turkmengas for the Galkynysh Gasoline Area in Turkmenistan.
The three-year contract is valued at over $200 million, Petrofac mentioned in a current information launch. It consists of the supply of personnel to oversee and help operations and upkeep exercise and technical help and procurement providers.
The contract additionally consists of the event and implementation of administration methods to help environment friendly operations of Galkynysh Gasoline Area Central Processing Amenities 1 and 1A. Petrofac mentioned that “no efficiency ensures are required to be posted in relation to this contract”.
- Advertisement -
The amenities, situated close to Yoloten in Mary Province, Turkmenistan, have an equal capability of 10 billion cubic meters each year (BCMA) and may ship 20 BCMA to the export pipeline, Petrofac famous.
“Petrofac has a proud historical past of working with Turkmengas”, COO of Petrofac’s Asset Options enterprise Nick Shorten mentioned. “The growth of our relationship is testomony to our observe document of delivering worth to clients’ operations. Securing this contract additional demonstrates our technique to develop Asset Options’ geographic attain”.
“We sit up for continued collaboration with Turkmengas, enhancing protected and dependable operations”, Shorten added.
The supply of the Galkynysh Gasoline Area challenge for state-owned Turkmengas, accomplished in 2013, was one of many largest engineering, procurement, building and commissioning (EPC) tasks delivered by Petrofac’s Engineering & Development enterprise unit, the corporate mentioned.
Evaluate of Monetary Choices
In the meantime, Petrofac mentioned it was advancing its plan to strengthen its stability sheet, enhance short-term liquidity and safe financial institution ensures as introduced in December 2023. This was being achieved to handle the corporate’s fee obligations be certain that it “has the suitable capital construction and liquidity to help the power of its backlog and future enterprise prospects”.
“Energetic discussions are progressing with Petrofac’s stakeholders together with its lending group, comprising each bondholders and lending banks, and different capital suppliers”, the corporate mentioned in a separate assertion. Additional, it mentioned it was making progress in exploring the sale of non-core belongings.
“Negotiations proceed with a broad set of credit score suppliers with a view to acquiring the ensures contractually required for different lately awarded contracts. As well as, discussions stay ongoing with purchasers across the required scale and timing of efficiency ensures”, Petrofac continued.
“Petrofac continues to ship effectively for our purchasers, evidenced by the expansion in our backlog, on which excellent progress is being made”, Petrofac Group Chief Government Tareq Kawash mentioned. “Our important order ebook, which now stands at over US$8 billion, demonstrates the power of our proposition to clients and Petrofac’s long-term potential. To ship on this chance and place Petrofac for the longer term, we’re centered on plans to materially strengthen the monetary place of the Group. This work continues apace and I’m grateful for the continued efforts of our individuals, and the help of our purchasers and different stakeholders”.
In January, Petrofac was awarded a three-year deal from BP plc for its Higher Tortue Ahmeyim (GTA) challenge in Mauritania and Senegal. The “multi-million-dollar grasp providers settlement” consists of onshore and offshore administration and supervision, provision of personnel, and gear upkeep, it mentioned.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
