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Petrofac gets $630 mln contract for EnQuest's North Sea assets

Reuters - UK Focus

May 28 (Reuters) - Oil and gas services group Petrofac Ltd said it received a contract worth $630 million from EnQuest Plc (LSE: ENQ.L - news) to provide operations and maintenance services at EnQuest's North Sea assets.

The contract is for up to 10 years and supersedes an initial five-year contract awarded to Petrofac (Frankfurt: A0HF9Y - news) last year. It will also support 300 offshore and onshore jobs, Petrofac said on Wednesday. (http://r.reuters.com/hyp69v)

Petrofac will continue to provide services to EnQuest on the Thistle, Heather and Northern Producer assets. EnQuest (Frankfurt: 3EQ.F - news) specialises in extending the life of old oil fields.

Petrofac will also work on the floating production, storage and offloading vessel the 'EnQuest Producer' ahead of its deployment to the Alma/Galia field in the North Sea.

Shares in Petrofac, which earlier this month cut its 2014 profit forecast by 11 percent due to poor performance of its flagship projects, were up about 1 percent at 1262 pence at 0943 GMT on the London Stock Exchange (Other OTC: LDNXF - news) . (Reporting by Karen Rebelo in Bangalore; Editing by Gopakumar Warrier)