Iraq contract extension for oil services company Petrofac

Oct. 24, 2013 at 8:50 AM

LONDON, Oct. 24 (UPI) -- British energy services provider Petrofac announced it extended its contract with an Iraqi oil company for work on southern export projects.

Petrofac said it secured a 12-month contract extension from Iraq's South Oil Co. It estimated the contract is worth approximately $99 million.

"Over the past 12 months we've achieved some significant milestones on behalf of our customer SOC, including the export of 240 million barrels of oil," Mani Rajapathy, a senior vice president for the Middle East, said in a statement Wednesday. "The contract is a great example of project execution including our ability to deliver work successfully and safely in a logistically complex working environment."

The contract extension is for work on offshore production platforms. The work is based on the al-Foa Peninsula, about 35 miles off the southern coast of Iraq.

Petrofrac secured its original one-year contract from SOC in August 2012. It was worth approximately $100 million. The one-year extension comes into effect in November.

"When we awarded this contract in 2012 we stated that increasing the export of crude was a key driver for us and Petrofac has helped us to deliver on that," SOC Director General Dyeyaa Jaafar Hyjam said in a statement.

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