Shares in global oilfield services firm Petrofac gained nearly three per cent in trading on the London Stock Exchange yesterday (October 11th) following the announcement of a major contract win for the company.

Petrofac issued a statement to investors announcing that it would take control of the Sajaa gas plant in Sharjah as part of a five-year deal with the emirate, helping to push share prices up 29p to £14.29.

Although these gains have been pared in trading this morning, the company is still in a net gain position following the announcement.

The Sajaa plant is currently 60 per cent owned by the emirate's government and BP, which owns 40 per cent, is due to hand back its stake alongside operational control in 2013.

By calling Petrofac in early, the Sharjah authorities hope to ensure a smooth transition of operational control.

Petrofac has also recently announced that it has completed the redesign and refurbishment of new oil and gas training facilities in Syria.

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