Acquisition

16th Jan 2007 07:01

Petrofac Limited16 January 2007 PETROFAC LIMITED Acquisition in well operations management Petrofac, the international oil & gas facilities service provider, announcesthat it has acquired a 51% interest in SPD Group Limited (SPD), a specialistprovider of well operations services, for a total consideration of $7 million(adjusted for surplus cash), comprised of $5 million in cash and $2 million tobe satisfied through the issue of 274,938 new Ordinary Shares. Petrofac may, ormay be required to, acquire the remaining 49% of SPD for a cash considerationwhich will be determined by the level of future profitability and which will inno event exceed $30 million. Based in Dubai and Aberdeen, SPD's main areas of expertise are well projectmanagement, well engineering optimisation, well engineering studies andconsultancy services. With around 70 staff and associates, SPD is managing welloperations in Africa, Europe and the Middle East as well as supporting theoperations of national and international oil companies in the Middle East,Europe and Africa. SPD was recently awarded the contract to provide welloperations management services in support of Petrofac's operations managementresponsibilities for Dubai's offshore oil & gas assets. Ayman Asfari, Group Chief Executive of Petrofac, commented: "We are delightedwith this acquisition which brings in-house an important service capability aswe seek to provide a broader offering to our clients. SPD's management team hasachieved a significant presence in its market and we look forward to workingwith them to continue this growth." Clive Smith, managing director of SPD, commented: "Working with Petrofac on theDubai offshore assets demonstrated to us both the potential benefits of forminga closer alliance. We are very excited by the prospects to continue our growthas part of the wider Petrofac group." Note Application is being made to the London Stock Exchange and the UK ListingAuthority of the FSA to admit the 274,938 new ordinary shares of $0.025 each inPetrofac Limited, to be issued as consideration to the Official List. The newordinary shares, each fully paid, will rank pari passu with the existingordinary shares. Copies of this announcement will be available for fourteen days from the officesof Credit Suisse (Europe) Limited, One Cabot Square London E14 4QJ. Ends For further information, contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonGeoff Callow Notes to Editors Petrofac Petrofac is a leading international provider of facilities solutions to the oiland gas production and processing industry, with a diverse client portfolioincluding many of the world's leading integrated, independent and national oiland gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC)and is a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andResources, Petrofac designs and builds oil and gas facilities; operates,maintains or manages facilities and trains personnel; and, where return criteriaare met and service revenue synergies identified, co-invests with clients andpartners. Petrofac's range of services allows it to help meet its clients' needsacross the life cycle of oil and gas assets. With approximately 8,000 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 13 offices worldwide. The predominant focus of Petrofac's business ison the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Asia Pacific region. For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock Exchange

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