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Petrofac Sees Busy Second Half for Saudi Projects

Source: Reuters 5/12/2011, Location: Middle East

Oil services firm Petrofac will be more active in bidding for oil and gas projects in Saudi Arabia, where it sees many opportunities arising in the second half of the year, a senior executive at the company said.

"We believe that in the second half of the year we will be very busy in bidding," said Imad Shanan, senior vice president and general operations for the Saudi operations of Petrofac Engineering and Construction Ventures.

"The EPC (Engineering, Procurement, Construction) market did not recover yet (from the 2008 financial crisis). We expect that next year probably reasonable size of business will be available or awarded in Saudi," Shanan told Reuters on the sidelines of a MEED conference.

Shanan said his company was not concerned by competition from South Korean companies who have won several EPC deals in the Saudi market over the past couple of years.

"We are not concerned at all...We can see that the South Koreans are bidding very aggressively but I think the market always will correct itself," he said.

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