18 May 2013
Muscat: Galfar Engineering and Contracting Company, the Sultanate's biggest contracting firm, won a major contract for constructing a pipeline and fabrication works at Safah and Wadi Latham Oilfield of Occidental of Oman for a total value of OMR15 million.
The construction service contract is for a period of two years and was signed on May 15, 2013. Galfar has also been awarded a contract by Oman Medical College for constructing additional buildings at their Sohar campus, to be completed before July, 2014.
This contract is for a total value of OMR4.1 million, the company said in a disclosure statement posted on MSM website. Galfar has a good order book position in the range of over OMR643 million and the company is expecting award of many projects, which are already tendered, Sheikh Salem Said Hamed Al Fannah Al Araimi, the company chairman, said.
To strengthen the balance sheet and support future growth, Galfar shareholders have decided to raise capital base through a rights issue this year. The rights shares will be in the ratio of 1.5 shares for every 10 shares held at a price of 280 baisas per share. Oman Arab Bank is the financial advisor and issue manager and the company is seeking regulatory approval.
Galfar Engineering and Contracting earlier said its net profit soared 55.23 per cent to OMR2.67 million for the first quarter 2013, over the same period last year.
The company's contracting and other income also shot up 30 per cent to OMR95.79 million from OMR74.18 million during the period under review. Total expenses stood higher at OMR92.70 million from OMR72.14 million during the period.
Galfar has won several contracts, including a private project, for a total amount exceeding OMR30 million in the first quarter of this year.
"The company continues to enjoy the preferred contractor status when it comes to delivery of projects with the oil and gas sector as well as other sectors. This has been confirmed by way of the Petroleum Development of Oman increasing the work scope on the extended Off Plot Delivery Service Contract, to cover areas of Fahud, Lekhwair and Yibal together with the already covered areas, through another variation. This, we believe, adds about OMR30 million to the contract value," the chairman added.
Some other key infrastructure and operation and maintenance projects which have been under evaluation for some time are likely to be announced in the near future.
The Indian operations continue at a steady pace and the company will continue to consolidate its position as a strong infrastructure BOOT contractor with a proven track record in delivery.
GCC operations
Galfar Oman is pursuing infrastructure projects in Iraq with the active assistance from Galfar Kuwait and other partners. In Saudi Arabia, Galfar is looking for opportunities in the oil and gas projects.
Muscat: Galfar Engineering and Contracting Company, the Sultanate's biggest contracting firm, won a major contract for constructing a pipeline and fabrication works at Safah and Wadi Latham Oilfield of Occidental of Oman for a total value of OMR15 million.
The construction service contract is for a period of two years and was signed on May 15, 2013. Galfar has also been awarded a contract by Oman Medical College for constructing additional buildings at their Sohar campus, to be completed before July, 2014.
This contract is for a total value of OMR4.1 million, the company said in a disclosure statement posted on MSM website. Galfar has a good order book position in the range of over OMR643 million and the company is expecting award of many projects, which are already tendered, Sheikh Salem Said Hamed Al Fannah Al Araimi, the company chairman, said.
To strengthen the balance sheet and support future growth, Galfar shareholders have decided to raise capital base through a rights issue this year. The rights shares will be in the ratio of 1.5 shares for every 10 shares held at a price of 280 baisas per share. Oman Arab Bank is the financial advisor and issue manager and the company is seeking regulatory approval.
Galfar Engineering and Contracting earlier said its net profit soared 55.23 per cent to OMR2.67 million for the first quarter 2013, over the same period last year.
The company's contracting and other income also shot up 30 per cent to OMR95.79 million from OMR74.18 million during the period under review. Total expenses stood higher at OMR92.70 million from OMR72.14 million during the period.
Galfar has won several contracts, including a private project, for a total amount exceeding OMR30 million in the first quarter of this year.
"The company continues to enjoy the preferred contractor status when it comes to delivery of projects with the oil and gas sector as well as other sectors. This has been confirmed by way of the Petroleum Development of Oman increasing the work scope on the extended Off Plot Delivery Service Contract, to cover areas of Fahud, Lekhwair and Yibal together with the already covered areas, through another variation. This, we believe, adds about OMR30 million to the contract value," the chairman added.
Some other key infrastructure and operation and maintenance projects which have been under evaluation for some time are likely to be announced in the near future.
The Indian operations continue at a steady pace and the company will continue to consolidate its position as a strong infrastructure BOOT contractor with a proven track record in delivery.
GCC operations
Galfar Oman is pursuing infrastructure projects in Iraq with the active assistance from Galfar Kuwait and other partners. In Saudi Arabia, Galfar is looking for opportunities in the oil and gas projects.
© Times of Oman 2013
