Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Petrofac Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

 Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

 No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

 No

An event changing the breakdown of voting rights

 No

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Global AEGON Asset Management Group

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction and date on which the threshold is crossed or reached:

 23 February 2011

6. Date on which issuer notified:

 25 February 2011

7. Threshold(s) that is/are crossed or reached:

 3%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

 Ordinary

10,602,522

10,602,522

Below 3%

Below 3%

Below 3%

n/a

n/a

 GB00B0H2K534

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

Contract for Difference

n/a

n/a

n/a

3,947

Nominal

Delta

 0.001%

1

Total (A+B+C)

Number of voting rights

Percentage of voting rights

Below 3%

Below 3%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

Global AEGON Asset Management group "AAM" -

AEGON Asset Management Holding BV

AEGON Asset Management UK Holdings Ltd

AEGON Asset Management UK plc

AEGON Investment Management UK Ltd

AEGON ICVC

Proxy Voting:

10. Name of the proxy holder:

Global AEGON Asset Management Group

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Sofia Bernsand

15. Contact telephone number:

020 7811 4900