Report on Payments to Govts (amended)

RNS Number : 2381K

Petrofac Limited

05 July 2017

 

Press Release

5 July 2017

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2016 (amended).

Petrofac today provides information in accordance with DTR 4.3A of the Financial Conduct Authority's Disclosure Rules and Transparency Rules in respect of payments made by the Company to governments for the year ended 31 December 2016 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedules detail the payments made by Petrofac Limited and its subsidiary undertakings to the governments of Malaysia, Thailand and Tunisia in relation to operating oil and gas fields to which the business had an interest during the reporting period:

Year ended 31 December 2016

Malaysia
Project Report
	Taxes		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
PM304	-		188	10,156		474		10,630
Berantai	8,653		-	-		-		8,653
2016 Total	8,653		188	10,156		474		19,283
Government Report
	Taxes		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Inland Revenue Board	8,653		-	-		-		8,653
PETRONAS	-		188	10,156		474		10,630
2016 Total	8,653		188	10,156		474		19,283

Thailand
Project Report
	Taxes3		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Jasmine	720		-	-		-		720
2016 Total	720		-	-		-		720
Government Report
	Taxes3		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Revenue Department	720		-	-		-		720
2016 Total	720		-	-		-		720

Tunisia
Project Report
	Taxes		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Chergui	167		0.2	664		-		831
2016 Total	167		0.2	664		-		831
Government Report
	Taxes		Royalties2			Fees		Total Payments
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
L'Entreprise Tunisienne d'Activités Pétrolières	-		0.2	9		-		9
Monsieur le Receveur des Finances du Lac	167		-	655		-		822
2016 Total	167		0.2	664		-		831

Notes:

1.   Payments made in local currencies are translated at the average exchange rate for the year.

2.   Certain royalty payments are made in kind, the value of which is calculated with reference to market rates at the time of payment.

3.   Taxes withheld from income earned by the Petrofac Group have been included within the amounts listed as "Taxes" in the tables shown above, despite the fact that the amounts withheld weren't directly paid to the government by the Petrofac Group.  This approach represents a more complete view of the taxes borne by Petrofac in Thailand.  The adoption of this approach would have illustrated taxes paid in Thailand per our 2015 report of $0.9m.

4.   In line with the UK Regulations, where a payment or a series or related payments have not exceeded £86,000, they have not been disclosed

5.   No other businesses within the Petrofac Group are impacted by this legislation and its reporting requirements.

For further information contact:

Petrofac Limited      

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Jonathan Edwards, Investor Relations Manager

[e-mail] 

Alison Flynn, Group Head of Communications

[e-mail] 

[phone]

Tulchan Communications Group

[phone]

[e-mail]

Andrew Grant

Martin Robinson

LEI 2138004624W8CKCSJ177

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.

With around 13,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

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