24th Feb 2006 07:01
Petrofac Limited24 February 2006 PETROFAC LIMITED ("Petrofac") INVESTMENT IN UK NORTH SEA INTERESTS Petrofac, the international oil and gas facilities service provider, announcestoday that it has completed the acquisition of a 40 per cent. interest in partof Block 211/18a in the UK North Sea containing a significant part of theundeveloped West Don field. Petrofac Resources has acquired the interestalongside FirstOil and Valiant Petroleum, each with a 30 per cent. interest,from BP and ConocoPhillips. Petrofac Resources has also been awarded a 50 per cent. interest in theadjoining Block 211/18c in the 23rd Round. Valiant Petroleum holds the remaining50 per cent. Petrofac Resources, as operator on behalf of FirstOil and Valiant Petroleum,will look to draw on the expertise of its Engineering & Construction andOperations Services Divisions with a view to developing the field, including thepossibility of operating as a satellite to the Thistle platform (to whichPetrofac's Operations Services Division provides turnkey facilities managementservices). Amjad Bseisu, Chief Executive of Petrofac Resources, commented: "This is a good example of where we can effectively deploy investment throughour Resources division to the benefit of the wider group. The West Don area addsan exciting new prospect to our investment portfolio and we look forward toworking with FirstOil and Valiant to fully maximise its potential." Ends For further information, please contact: Petrofac Limited +44 (0) 20 7471 3500Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ben WoodfordGeoff Callow Notes to Editors 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 (E&C), OperationsServices (OS) and Resources, Petrofac designs and builds oil and gas facilities;operates, maintains or manages facilities and trains personnel; and, wherereturn criteria are met and service revenue synergies identified, co-investswith clients and partners. Petrofac's range of services allows it to help meetits clients' needs across the life cycle of oil and gas assets. Petrofac operates out of four strategically placed international centres inAberdeen, Scotland; Sharjah, UAE; Mumbai, India; and Woking, England, and has afurther 13 offices worldwide, with approximately 7,000 employees. Petrofac's business is focused on the UK Continental Shelf (UKCS), the MiddleEast, Africa and the Former Soviet Union (FSU). Through both organic growth andstrategic acquisition, Petrofac's engineering, procurement and constructionactivities have been complemented with development planning and early stageengineering services, facilities management and training services andco-investment. 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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