Following our recent reporting of Petrofac's (LSE: PFC) new business in Iraq's Majnoon oilfield, the company issued its half-year results this morning (Monday).
While the only reference to Iraqi business in the results was the following statement:
"In Iraq, we have commenced early stage engineering work for an International Oil Company which is expected to lead to a larger contract award during the second half of the year";
finance director Keith Roberts later told reporters:
"Iraq is going to be an enormous market for companies like us. There are estimates that the total spend on fields in Iraq could be as much as $200 billion (£129 billion) over the 10 years.
"We're now doing work for a major international oil company and are confident that it will turn into a fully approved contract.
"For us, being in there early, and getting a foot on the ground as well as experience of operating in Iraq positions us well for getting a piece of that very significant business."
Petrofac shares closed the day up 3.5% at 1410p.
(Sources: Petrofac, London Evening Standard)
Comments are closed.