Kuwait Oil Co has awarded British oilfield services company Petrofac a $1.3 billion engineering, procurement and construction (EPC) contract for the Burgan oil field in south-east Kuwait.
Petrofac’s shares rose as much as 2.33% on the back of the announcement.
The company will develop a gathering centre to process crude oil and gas recovered from Arifjan, Marat, Minagish Oolite and Burgan Wara high hydrogen sulphide fields.
Work is scheduled to be completed by 2020.
Petrofac said earlier this year that it saw an uplift in bidding activity in its core middle eastern markets.
A number of contracts that were deferred in 2016 were seen coming back in 2017, chief financial officer Alastair Cochran said.