When it revealed contract delays for two key projects in Abu Dhabi last November, Petrofac (PFC) said it would need to quickly generate new business in order to meet its 2015 EPS target of $2.50 (£1.54).
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Well, the FTSE 350 oil services specialist has made good on its word after landing a $3.7bn contract from Kuwait National Petroleum Company for a major upgrade to the Mina Abdulla refinery. The contracted work is to be shared with South Korea's Samsung Engineering and CB&I of the Netherlands, with Petrofac pocketing around $1.7bn from the four-year deal.
