Galfar Engineering and Contracting Company, the Sultanate’s largest contracting firm, said that the company has received an off plot mechanical contract from Petroleum Development Oman for Qarn Alam oil block.
The four-year service contract with an option to expend for further six years involves flow lines, pipelines, well hook ups including all civil, mechanical, electrical and instrumentation works. Galfar expects to generate revenue of around OMR70 million during this four year period, according to a disclosure statement posted on MSM website.
Galfar in its third quarter result said that the parent company continues to maintain healthy order book position of approximately OMR690 million or 25 months of backlog (against OMR650 million for the same period of last year). “We are expecting award of some more projects, which are already tendered, from a solid work pipeline,” the company said in its director’s report.
The company has been awarded new projects and extensions on existing projects worth OMR285 million during the first nine months of 2016 (against OMR132 million). Included in this are off plot delivery contract of North Oman extended for further two years till March, 2018, the award of the Yibal Khuff On Plot Construction project of OMR114 million and Duqm Fishery Port project of OMR60 million.
Galfar shares surged ahead by 6.25 per cent to 102 baisas amid 2.5 million shares changing hands on the Muscat Securities Market on Wednesday.