By Oliver Griffin

Shares in Petrofac Ltd. (PFC.LN) rose Wednesday after the company said that it was awarded a contract worth around $1 billion for the Ain Tsila development project in Algeria.

The oil-services company said the contract was awarded by Groupement Isarene, the joint operating group set up by Sonatrach, Petroceltic International PLC (PTIFF) and Enel S.p.A. (ENEL.MI).

The Ain Tsila field will produce gas, liquefied petroleum gas and condensate for the local Algerian market and for export. The engineering, procurement and construction contract will run for 42 months, Petrofac said.

Shares at 1509 GMT were up 2.8% at 478.70 pence.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

March 13, 2019 11:32 ET (15:32 GMT)

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