Petrofac foresees busy second half in Saudi Arabia

Oil services firm Petrofac believes it will see a busy second half of the year through bidding for oil and gas projects in Saudi Arabia.

Senior vice-president Imad Shanan said that although the EPC (engineering, procurement, construction) market had not yet recovered from the 2008 crisis, he believed that greater opportunities would be available in Saudi Arabia next year. The firm plans to be more active in bidding throughout the second half of this year.

Petrofac faces tough competition from South Korean firms which have won several EPC contracts in the Saudi market in recent years, although Mr Shanan said he was not concerned by this, adding that the market would always correct itself.

State oil giant Saudi Aramco says it has awarded 39 contracts to South Korean companies worth $11.5bn in the last five years.

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