26 May 2011
MUSCAT: Galfar Engineering and Contracting, the leading contracting firm in the Gulf region, has won a major contract worth RO37 million from Petroleum Development Oman (PDO), a company statement posted on MSM website said.
It is for developing the Nimr-G and Karim West water flood projects, which will be ready within 1,065 days.
The company has a good order book position to the tune of RO600 million, Galfar Engineering chairman Shaikh Salem Said Hamed Al Fannah Al Araimi, stated in his directors' report for the first quarter.
"With various projects which are already tendered and likely to be tendered, we expect to consolidate and maintain our market position, and are poised for better performance and financial results during the second and subsequent quarters of 2011." In view of the major developments underway in the infrastructure sector, Galfar is looking forward to win these contracts.
Al Araimi said his company will continue to focus on oil and gas, engineering, procurement and construction projects, roads, ports, airports and buildings for institutional establishments like hospitals, hotels, convention centres, while awaiting the future railway projects.
Through its wholly-owned subsidiaries, Galfar has begun to seek opportunities in the Middle East and North Africa (Mena) region along with India. Galfar had initiated exploring of opportunities in Libya. However, considering the current condition, the company has put it on hold.
The company has achieved a net profit of RO1.38 million for the first quarter of 2011, while total revenue stood at RO79.5 million.
MUSCAT: Galfar Engineering and Contracting, the leading contracting firm in the Gulf region, has won a major contract worth RO37 million from Petroleum Development Oman (PDO), a company statement posted on MSM website said.
It is for developing the Nimr-G and Karim West water flood projects, which will be ready within 1,065 days.
The company has a good order book position to the tune of RO600 million, Galfar Engineering chairman Shaikh Salem Said Hamed Al Fannah Al Araimi, stated in his directors' report for the first quarter.
"With various projects which are already tendered and likely to be tendered, we expect to consolidate and maintain our market position, and are poised for better performance and financial results during the second and subsequent quarters of 2011." In view of the major developments underway in the infrastructure sector, Galfar is looking forward to win these contracts.
Al Araimi said his company will continue to focus on oil and gas, engineering, procurement and construction projects, roads, ports, airports and buildings for institutional establishments like hospitals, hotels, convention centres, while awaiting the future railway projects.
Through its wholly-owned subsidiaries, Galfar has begun to seek opportunities in the Middle East and North Africa (Mena) region along with India. Galfar had initiated exploring of opportunities in Libya. However, considering the current condition, the company has put it on hold.
The company has achieved a net profit of RO1.38 million for the first quarter of 2011, while total revenue stood at RO79.5 million.
© Times of Oman 2011
