(Alliance News) - Petrofac Ltd and Hitachi Ltd have been awarded a wind farm contract by Dutch-German grid operator TenneT worth EUR13 billion, Petrofac said on Thursday.
Petrofac shares were up 72% to 84.50 pence on Thursday morning in London, though the stock remains down 18% over the past 12 months. Hitachi shares closed down 0.2% at JPY7,242 in Tokyo.
Petrofac, together with Swiss-based Hitachi subsidiary Hitachi Energy Ltd, will supply multiple offshore platforms and onshore converter stations for wind farms in the Dutch and German North Sea.
The contract, which Petrofac said is the largest in its history, covers six projects, each worth over EUR2 billion. The multi-year framework agreement is part of TenneT's 2 gigawatt high-voltage direct current offshore wind programme.
Petrofac is a London-based energy services company in oil, gas, refining, petrochemicals and renewable energy infrastructure. It will provide the engineering, procurement, construction and installation of the offshore platforms, as well as elements of the onshore converter stations.
Hitachi Energy will supply its 'HVDC Light' converter stations, which convert AC to DC power offshore and DC to AC onshore.
The positive news for Petrofac comes as Tareq Kawash takes over from Sami Iskander chief executive from April 1.
"Today's award demonstrates the significant new growth horizon presented by the energy transition, and the role companies like Petrofac will play," Kawash said.
By Tom Waite, Alliance News editor
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