Iraq picks Petrofac for $95m SPM Contract
Reuters reports that Petrofac has won a $95 million contract to carry out maintenance work for Iraq’s new offshore terminals and sub-sea pipelines at the Gulf.
The contract involves maintenance work to ensure there are no leakages in the pipelines or any faults at the two new single point mooring (SPM) terminals that may delay the loading of crude.
Iraq’s South Oil Company awarded the deal to Petrofac ahead of the also shortlisted Saipem of Italy and Australia’s Leighton Holdings.
“Petrofac’s offer was picked for the service contract and the one year extendable contract has been referred to the oil minister for final approval,” the oil official, who declined to be named, said.
Two of Iraq’s four new SPM terminals, built by Leighton, have already started operation and have boosted oil exports significantly.