Petrofac Regulatory News (PFC)

14 Jan 2010 07:00

Press Release14 January 2010 PETROFAC LIMITED PETROFAC ACQUIRES MECHANICAL SERVICES BUSINESS

Petrofac, the international oil & gas facilities service provider, confirms that it has acquired Scotvalve Services Limited (Scotvalve), a UK-based services company, from Scotvalve's management, for an initial cash consideration of £3 million. A further consideration of up to £2 million will be payable in cash and/or shares over three years, subject to achieving certain agreed performance targets.

Scotvalve, founded in 1985, has some 37 employees located at a mechanical workshop in Aberdeen from which the company provides the servicing and repair of oilfield pressure control equipment. In addition, Scotvalve has the capability to provide its services to the oil & gas sectors in the Middle East and North Africa.

Scotvalve will enhance Petrofac's mechanical services offering enabling the group to provide repair and maintenance services within a wider geographic footprint. It will form part of the Offshore Engineering & Operations business which already owns mechanical workshop facilities in the United Arab Emirates and a mechanical services JV relationship in Saudi Arabia with the Zamil Group Holding Company.

Ends

For further information contact:

Tulchan Communications Group Ltd +44 (0) 20 7353 4200James BradleyDavid Allchurchpetrofac@tulchangroup.comNotes to EditorsPetrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange and is a constituent of the FTSE 100 Index.

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.

Through these businesses Petrofac designs and builds oil & 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 customers' needs across the full life cycle of oil & gas assets.

With more than 11,000 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

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