Galfar Engineering and Constructing Company (Galfar) has announced that the off-plot Delivery Contract with Petroleum Development Oman (PDO), a services contract, has been extended from 1 April 2016 to 31 March 2018. The contract is expected to generate revenue of cOMR120 million, implying cOMR60 million per year. We expect OMR269 million in revenue for Galfar in 2016 (-22% Y-o-Y). (MSM)
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