Petrofac Awarded North Sea Contract Renewal

Petrofac, the international oil & gas facilities service provider, announces that its Offshore Engineering & Operations (OE&O) business has been awarded a contract renewal by Marathon Oil ("Marathon"). Petrofac has been working with Marathon on its North Sea Brae assets since 2005. Following the delivery of a number of critical projects, the contract has been extended by a further four years.

Starting in August 2011, Petrofac will deploy its engineering, construction, operations and maintenance services under the terms of the new contract. The base scope is valued at £36 million, although this does not include the value of any future projects which may get sanctioned.

Bill Dunnett, managing director, Petrofac OE&O commented: "The renewal of this important contract with Marathon is recognition of the strength of the working relationship our respective teams have developed in the past six years. As a group we are committed to the North Sea and this long-term contract extension, which enables us to continue to deploy our extensive services capability, is key to our continued growth and development in the region."