Al Mansouri wins deals worth over $100m

Abu Dhabi-based Al Mansouri Specialised Engineering company, one of the region’s largest oilfield service firms, has won new contracts in the UAE and other countries worth more than $100 million, a company executive has said.

Foroohar Farzadnia, Corporate Marketing and Business Development Director, also said the company had signed an agreement with Australian-based Synergy company to provide solutions to oilfield services and resolve problems that may affect operations.

He told Emirates 24|7 that the agreement, signed last week, would ensure sustained operations and increase oilfield productivity.

“Despite the decline in oil prices, our operations have not been affected. We have won oilfield service contracts in the UAE, Saudi Arabia, India, Turkmenistan and other countries. They are major contracts and have a combined value of between $100 and $110 million. These contracts will keep the company busy for the next four years.”

Asked about the company’s performance in 2014, he said it was one of the best business years for Al Mansouri, adding that revenue “surpassed all expectations.”

He said the oil price fall has not impacted the company on the grounds regional countries will not be affected in the short term.

“Gulf countries are oil giants and control more than 60 per cent of the world’s recoverable oil reserves. The oil price decline may affect North America but there will be no effect on Gulf states before one or two years in case they remain low,” he said.

“As for Al Mansouri, the decline will not affect our operations and activities as most of our contracts in the region and other countries are on long-term basis.”

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