MUSCAT – Galfar Engineering and Contracting disclosure stated: “We are pleased to inform our esteemed shareholders that Petroleum Development Oman LLC (PDO) has awarded Galfar the ‘Off-Plot Delivery Contract Qarn Alam’ via a Letter of Award (LOA) that was formally accepted by both parties on 25/05/2023 and approval from PDO to disclose was confirmed today, 04/06/2023.
“We estimate the value of this call-off contract to be approximately Two Hundred and Eighty (280) Million Omani Rial for an execution period of 7 Years. “If the extension option of three (3) years is approved and implemented, the potential associated additional contract value is estimated to be One Hundred and Twenty (120) Million Omani Rial. “We take this opportunity to express our appreciation to Petroleum Development Oman LLC for the confidence vested on Galfar through this award.”
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