StockMarketWire.com - Petrofac said it had been awarded a $200m contract by Dutch-German transmission grid operator TenneT for the Hollandse Kust Zuid offshore grid connection for wind farms in the North Sea.

The Dutch government was targeting a total of 3.5 gigawatt of wind energy production capacity offshore by 2023.

To achieve its goal, five 700 megawatt standardised concept transformer substations were planned for installation offshore Netherlands.

Petrofac said it would be responsible for the engineering, procurement, construction and installation of the third and fourth substations, which had a total contract value of around $200m.

The first substation, HKZ platform Alpha, was scheduled to become operational in 2021.

HKZ platform Beta was still subject to the tendering of the wind farm concession by the Dutch government and subsequently was scheduled to become operational in 2022.

'We have been involved in a number of projects with TenneT in the North Sea, so are delighted with the opportunity to support them with this key project,' chief commercial officer George Salibi said.

'The award of this EU tender builds on our relationship and is further demonstration of Petrofac's expansion into adjacent sectors, including renewable energy.'


At 9:18am: [LON:PFC] Petrofac Ltd share price was +6.7p at 563.1p



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