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Petrofac, Hitachi Energy awarded EUR 13 billion agreement by TenneT

Petrofac Ltd (PFC) said on Thursday it and Hitachi Energy had been awarded a EUR 13 billion multi-year framework agreement by electricity grid operator TenneT to supply offshore platforms and onshore converter stations.

The agreement is part of TenneT’s 2 gigawatt high-voltage direct current offshore wind programme in the North Sea.

The deal encompasses 6 projects, each of which will be executed under a standalone contract worth more than EUR 2 billion, Petrofac said.

TenneT has been looking to connect nearly two thirds of the 65 gigawatt offshore wind capacity targeted by Germany, Denmark, the Netherlands and Belgium by the end of the decade.

The shares of Petrofac Ltd (PFC) were last gaining 60.11% (29.49 pence) to trade at 78.55 pence in London, while extending gains from the previous trading session.

The oilfield services provider’s total market cap now stands at GBP 234.83 million.

The shares of Petrofac Ltd have risen 11.81% so far this year, following a 39.07% loss in 2022. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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