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Petrofac JV wins $2.9 billion share of Abu Dhabi contract

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(Globalpost/GlobalPost)

LONDON (Reuters) - British oil services firm Petrofac <PFC.L> said on Thursday its joint venture with Mubadala Petroleum won a $2.9 billion (1.8 billion pounds) share of a contract to build facilities on an oil field in Abu Dhabi, lifting its shares.

Petrofac's investors have been impatient to see it win new contracts after the company caused concerns in February by deviating from a usual practice of providing a specific annual profit targets.

Shares in FTSE 100 constituent Petrofac, which have fallen 14 percent in the last three months, climbed 1.75 percent to 1,455.5 pence in midday training.

Numis analyst Sanjeev Bahl said the joint venture contract win was worth about $1.45 billion to Petrofac itself, and was positive news for the company.

"It helps derisk consensus forecasts. We still think they need another $5 billion or so (of contract wins) this year," he said.

Petrofac, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, earlier in April won another contract in Abu Dhabi worth $500 million.

The company said in February it was seeing a strong pipeline of bidding opportunities meaning it would deliver "good growth" in net profit this year and adding to its confidence in meeting a 2015 earnings target.

(Reporting by Sarah Young, Editing by Christine Murray)

http://www.globalpost.com/dispatch/news/thomson-reuters/130411/petrofac-jv-wins-29-billion-share-abu-dhabi-contract