Petrofac wins $400m Kuwait pipeline deal

London: Petrofac on Thursday said it won a $400 million (Dh1.4 billion) contract from Kuwait Oil Company to design and install pipelines from the Mina Al Ahmadi port to power stations in the country.

The contract adds to Petrofac's estimated order backlog of about $6.9 billion as of June 30. "This contract underscores why we like Petrofac because at a time when projects in other regions are being delayed or postponed, projects in the Middle East continue to be booked," said an analyst at RBC Capital Markets.