Oman's Galfar wins $41mln contract from Petrofac

‘We are pleased to inform our esteemed shareholders and investors that Galfar has been awarded a subcontract for the CMEI works package-1 for the Salalah LPG project of Salalah SFZCO LPG by Petrofac E&C Oman for approximately US$41mn’, Galfar said in a filing to the Muscat Securities Market (MSM).

The completion period of the works of the subcontract is approximately 21 months starting from February 26, it said. ‘This is an important contract to Galfar and further serves to underpin our revenue streams’, Galfar added.

Galfar shares rose 4.71 per cent at the MSM on Monday.

Last week Galfar also announced the winning of a RO29.7mn contract from Daleel Petroleum for provision of construction services for Daleel on-plot areas.

The on-plot service contract from Daleel Petroleum is for a duration of four years with one year extension option with an estimated value of RO7.44mn per year.