Petrofac Limited (PFC.L,POFCY.PK,POFCF.PK) announced that Petrofac Emirates, its Joint Venture with Mubadala Petroleum, has been awarded a contract by Zakum Development Company, or ZADCO, an Abu Dhabi National Oil Company subsidiary, for the Upper Zakum, UZ750 field development in Abu Dhabi. The contract is worth approximately US$3.7 billion and has been secured by Petrofac Emirates in consortium with Daewoo Shipbuilding & Marine Engineering Co Ltd. Petrofac Emirates' share of the contract is valued at US$2.9 billion.
The project comprises engineering, procurement, construction transportation and commissioning of island surface facilities on four artificial islands.
Petrofac Emirates is the joint venture established in 2008 between Petrofac and Mubadala Petroleum. Mubadala Petroleum is owned by Mubadala Development Company, the Abu Dhabi state owned investment and development company.
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