Petrofac to Support Marathon Oil's Key Assets in Equatorial Guinea

Petrofac Ltd. POFCY, an oilfield services firm, has signed a new master service agreement with Marathon Oil Corporation MRO. Per the terms of the agreement, Petrofac will offer its services for MRO’s crucial onshore and offshore assets in Equatorial Guinea. This includes five of Marathon Oil’s offshore steel jacket facilities in the Alba Field and the Alba Gas Plant onshore.Petrofac will support MRO’s operations by offering its technical expertise and engineering assistance to achieve operational excellence and ensure the integrity and safety of these key assets. POFCY had previously provided engineering, construction and maintenance services to Marathon Oil’s Brae assets. These assets are located in the UK North Sea. The new agreement builds on a long-standing relationship between the two companies and also adds to Petrofac’s strong track record of providing engineering and maintenance services.POFCY has already fortified its presence in regions like Ivory Coast, Ghana, Senegal and Mauritania. Following a prior Technical Services Contract with GEPetrol in Equatorial Guinea, this new contract strengthens Petrofac’s foothold in the region. Petrofac stated that the new agreement reflects its reputation as an efficient service provider, focused on creating value for its clients. Africa is a key growth area for the company and it looks forward to strengthening its relationship with Marathon Oil and supporting its crucial onshore and offshore assets in Equatorial Guinea.Zacks Rank and Key PicksCurrently, POFCY carries a Zacks Rank #3 (Hold), while Marathon Oil (MRO) holds a Zacks Rank #5 (Strong Sell).Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED and FuelCell Energy FCEL. PEDEVCO presently sports a Zacks Rank #1 (Strong Buy), while FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, resulting in reduced carbon emissions and minimizing the environmental impact of power generation. As such, it is anticipated to play a crucial role in the energy transition by enabling industries and communities to move from traditional fossil fuels toward low-carbon alternatives.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Oil Corporation (MRO): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Pedevco Corp. (PED): Free Stock Analysis Report Petrofac Ltd. (POFCY): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks