Adnoc terminates Dalma gas project contracts [Yahoo! Finance]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The Dalma project consists of two main EPC packages, with the offshore and onshore scope of work packaged separately. In February, Adnoc awarded a consortium of UK-headquartered Petrofac and Malaysian contractor Sapura a $591m contract for package A of the Dalma project, which relates to the offshore work. Package B, relating to the project's onshore aspect, was awarded solely to Petrofac at $1.065bn. In a statement posted on its website on 16 April, Petrofac announced it has received a 'notice of termination from Adnoc' regarding the Dalma contracts. Petrofac CEO Ayman Asfari has also notified the company's staff about the development in an internal email sent on 16 April. Petrofac's total revenue share from the two contracts is $1.5bn. According to a market source, Adnoc is understood to have urged Petrofac for a 30% discount on its contract value, which the UK firm 'was not in a position to oblige'. “The failure to comply with the request has led the client to pull b
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