Omani contractor has bagged fresh orders of $197m, primarily in oil and gas contracts
Galfar Engineering and Contracting, the Oman-based construction company, has said that it has achieved an order-book of $1.22 billion as of June 30, 2018, boosted by a number of oil and gas contracts.
According to a report by the Oman Observer, the contractor has bagged fresh orders of $197.3 million, despite delays in the bidding and awards process. These awards were in addition to extensions and variations awards that amounted to $109 million in the first half of the year, the report added, citing the contractor’s chairman.
The largest individual contract award was the Khazzan Gas Gathering System project, which is worth $90.8 million, said Majid bin Salim al Araimi. He also pointed out that a number of contracts related to utilities and services were also awarded.
He added that profit after tax rose from 0.3% in the first half of 2017, to 1.8% in H1 2018.
Earlier this year, the Omani contractor announced that it was expanding its operations into Kuwait, with the launch of a ‘one-person company’ in the country.
Galfar Oman General Contracting for Building is fully owned by Galfar Engineering and Contracting and will apply to be registered for executing the same works that its parent company is registered for in Oman, said Dr Hans Erlings, chief executive officer of the Muscat-listed company.
The launch of its Kuwait subsidiary comes in the wake of the company announcing in 2017 that it was exploring the divestment of its Indian business.