Re Contract
Petrofac Limited
07 August 2006
PETROFAC LIMITED
("PETROFAC")
PETROFAC TO PROVIDE TURNKEY FACILITIES MANAGEMENT FOR DUBAI'S OFFSHORE OIL & GAS
ASSETS
Petrofac, the international oil & gas facilities service provider, will take
over responsibility for well and facilities management of Dubai's offshore oil
and gas assets on behalf of Dubai Petroleum Establishment ("DPE") under a new
contract which becomes effective today. DPE is a new entity wholly owned by the
government of Dubai.
Following completion of a transition process, which will effectively commence
immediately and during which Petrofac, the Government and DPE will work in close
collaboration with outgoing concession-holders Dubai Petroleum Company, Petrofac
will be responsible as Facilities Manager and Safety Case Holder for production
and well management operations on the Dubai offshore assets. Operating in a "one
team" culture alongside the development planning and reservoir management teams
of DPE, Petrofac will employ the offshore staff and the onshore operations
supp ort group. Petrofac's full responsibility for these operations will
commence in early April 2007 and the contract has no time limit.
The Dubai offshore assets comprise four offshore oil fields with around 70
platforms, and around 1,100 personnel are currently involved in running the
operation. These staff will be employed by Petrofac from April 2007.
The new contract becomes a key part of Petrofac's established and expanding
portfolio of managed facilities. In the UK sector of the North Sea, Petrofac
manages on a turnkey basis: the Heather & Thistle platforms; the Northern
Producer (Galley field); and the Kittiwake, Hewett and Bacton Terminal
facilities. Petrofac also supports the operation of around 20 other fields in
the North Sea for a number of clients, bringing a wealth of experience to these
successful operations, as well as supporting the operations of national and
international oil companies in the Middle East and Africa.
Rob Pinchbeck, Chief Executive of Petrofac's Operations Services division,
noted: "This significant international award is an important demonstration of
the potential to leverage Petrofac's experience from operating across many
assets in the UK sector of the North Sea. Petrofac is proud that its outstanding
record as a contract service operator has been recognised by DPE and we look
forward to serving this important new customer."
Ayman Asfari, Petrofac's Group Chief Executive, said: "This ground-breaking
contract with Dubai Petroleum Establishment represents the first time a national
government entity has chosen to exploit its hydrocarbon resources through direct
contracting with an international service provider and we believe DPE's choice
represents the leading edge of an emerging trend.
"This contract award supports Petrofac's aim to be the global oil & gas
industry's premier facilities and infrastructure provider."
Ends
For further information, contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ben Woodford
Geoff Callow
Notes to Editors
Dubai Petroleum Establishment
Dubai Petroleum Establishment has been set up by Government of Dubai as the
entity responsible for managing its offshore petroleum assets. Dubai has four
offshore oil fields - Fateh, Southwest Fateh, Rashid and Falah, all of which are
co-managed and will fall under the remit of the new contract. Dubai does not
publish data on these assets.
Petrofac
Petrofac is a leading international provider of facilities solutions 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)
and is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction, Operations Services and
Resources, Petrofac designs and builds oil and gas facilities; operates,
maintains or manages facilities and trains personnel; and, where return criteria
are met and service revenue synergies identified, co-invests with clients and
partners. Petrofac's range of services allows it to help meet its clients' needs
across the life cycle of oil and gas assets.
Petrofac operates out of four strategically placed international centres in
Sharjah, UAE; Aberdeen, Scotland; Mumbai, India; and Woking, England, and has a
further 13 offices worldwide, with around 7,500 employees. Petrofac's business
is focused on the UK Continental Shelf (UKCS), the Middle East, North Africa and
the Former Soviet Union (FSU).
For additional information, please refer to the Petrofac website at
www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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