11th May 2007 07:01
Petrofac Limited11 May 2007 PETROFAC LIMITED AGM STATEMENT Petrofac, the international oil & gas facilities service provider, is holdingits annual general meeting at 10.30 am today in London, UK. At the meeting,Chairman, Rodney Chase, will make the following statement: "The current year has started well and we are well on track to deliver a year ofcontinued growth. Our Engineering & Construction business has made good progress with its keyprojects in the Middle East and the Commonwealth of Independent States. Inaddition, the division has commenced mobilisation and early work on its Tunisianand Egyptian contracts awarded in late 2006. In April, the Group opened itssecond engineering office in India, in Chennai, in order to support the growthof the Engineering & Construction division. The office currently has around 100employees with plans to double this capacity by year end. Our Operations Services division continues to perform well and in April assumedfull operational responsibility for facilities and well management of Dubai'soffshore oil & gas assets on behalf of Dubai Petroleum Establishment (DPE), anentity wholly owned by the Government of Dubai. We are pleased to report that,working closely with DPE, we have achieved a smooth and safe transition ofoperatorship and control. In Aberdeen, the growth of our Brownfield business hascontinued with a number of new awards. Resources' portfolio of developed assets is performing well. The Cendor field,offshore Peninsular Malaysia, has now produced approximately 3 million barrelsof oil and production levels continue to exceed the investment case. Full costrecovery was achieved in March and we are currently assessing furtherdevelopment phases. In the UKCS, a draft field development plan (FDP) for theDon Southwest field has been submitted to the Department of Trade and Industry(DTI). Subject to consultation with the DTI and the approval of an EnvironmentalStatement, formal FDP approval is anticipated later this year with productionexpected to commence in early 2009. The acquisition of our interest in theChergui field in Tunisia was completed in February and is expected to commenceproduction around the turn of the year. We continue to see strong levels of demand for our services, which, togetherwith a widening employee base through recent office openings and recruitmentprogrammes, gives us confidence in delivering continued growth." Ends For further information, contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Olly ScottVictoria Geoghegan 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 anetwork of 16 offices worldwide. The predominant focus of Petrofac's businessis on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealthof Independent 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 ExchangeRelated Shares:
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