Petrofac, the oil service provider with investments in Abu Dhabi, plans to spend up to US$4 billion (Dh14.69bn) over the next four years to fund expansions in Africa and South East Asia.
The UK company's planned spending spree comes as oil service companies benefit from boosted revenues as the high oil price drives energy investment.
"The demand for the services continues to be quite robust," Ayman Asfari, the company's chief executive, told Bloomberg News.
Petrofac's earnings for the first half of the year rose 6.6 per cent to $246 million compared with the same period last year, the company reported yesterday. Shares were up 3.9 per cent to hit 1,214 pence in London after the announcement.
Mr Asfari said Petrofac was in the running for fresh contracts in Malaysia and Indonesia and was weighing projects with Nigerian National Petroleum.
Petrofac is a partner with Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, in Petrofac Emirates, an engineering and energy services joint venture.
In June, it bought a storage vessel worth tens of millions of dollars from Pearl Energy, a subsidiary of Mubadala that pumps oil and gas in South East Asia. The ship, Jasmine Venture, will continue to serve a field in the Gulf of Thailand operated by Pearl.
"The transaction reflects our strong ongoing relationship with Mubadala," Petrofac said at the time.
Its co-investments with Abu Dhabi could serve as a prototype as Petrofac looks to pick up national oil companies as clients.
In January it recruited Andy Inglis, the former head of exploration and production at BP, to lead a new division.
The unit, aimed at state oil companies sitting on undeveloped fields, is to offer training, engineering and even capital to potential customers.
However, oilfield service companies are vulnerable to risks including fluctuations in commodity prices and potential unrest in resource-rich countries, warned the consultancy Deloitte.
"Security risk remains heightened, given the strategic importance of activities conducted by oilfield services companies," the consultancy wrote in a recent report.
* with Bloomberg News
ayee@thenational.ae
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
