UAE-based Petrofac announced the signing of a binding letter of intent for an engineering, procurement, and construction (EPC) contract with a Gulf Cooperation Council (GCC) national oil company worth $580 million, WAM [Emirates News Agency] reported.

The specific details of the project remain confidential at this point in time, and additional information will be announced in due course, according to a company statement.

“Petrofac has a very strong record of project execution in the GCC. This latest contract award further cements our footprint in our core markets, and we look forward to delivering a safe and successful project,” E. S. Sathyanarayanan, the company’s Group Managing Director of Engineering and Construction, said.

Petrofac, registered in the British Channel island of Jersey, is a leading service provider to the oil and gas production and processing industry. The company is currently working on a $2.9 billion contract for the development of ADNOC Offshore’s Upper Zakum field, which covers a 1,200 square kilometer area, 84 kilometers northwest of Abu Dhabi islands.