Petrofac Regulatory News (PFC)

19 May 2006 07:01

Petrofac Limited19 May 2006 PETROFAC LIMITED ("Petrofac") AGM STATEMENT Petrofac, the international oil & gas facilities service provider, is holdingits annual general meeting at 10.30 am today in London, UK. At the meeting,Chairman, Rodney Chase, will make the following statement: "The current year has started strongly with projects in hand progressing well.With the significant value of contracts awarded towards the end of 2005,particularly in our Engineering & Construction (E&C) division, our principalfocus has been on mobilising for these projects and on the execution of existingprojects in hand. At the same time, we have been successful in securing a numberof new and strategically important contracts and continue our bid preparationfor selected contracts that are currently scheduled for award in the second halfof 2006 and beyond. Our E&C division is performing well with strong growth in both our lump sum EPCand reimbursable engineering services businesses. In the Middle East, a numberof contracts are nearing completion while good progress has been made on ourrecent awards in Kuwait and Oman. We are particularly active in the FormerSoviet Union, in Russia with the recently awarded Kovykta project managementcontract, and in Kazakhstan with the Kashagan engineering & procurement contractentering its final stages and the recent award of the related constructionmanagement contract and the award of a significant FEED study for theKarachaganak fourth train. In Operations Services, our facilities management and training businesses aretrading well in the buoyant UK oil & gas market with operations supportcontracts signed with CNR and Marathon in the UKCS. Internationally, ourtraining business has secured new awards with BP and Shell in the Gulf of Mexicoand acquired a training capability in Sakhalin Island. The existing investments held by our Resources division continue to perform inline with expectations. Development of the Cendor field in Block PM304, offshorePeninsular Malaysia, is progressing according to the approved field developmentplan with the expectation of first oil later this year. Our portfolio ofinvestments has been enhanced with the acquisition of an operating interest inthe undeveloped West Don field and the increase of our interest in (and becomingoperator of) the previously abandoned Crawford field, both in the UK North Sea. Overall, with oil & gas markets continuing to support strong demand for ourservices and, reflecting the Group's performance during the year to date, we areincreasingly confident with the outlook for the rest of the year. Furthermore,we believe that our strong focus on project execution and continuing investmentin our service capabilities should yield continued success." Ends For further information, please contact: Petrofac Limited +44 (0) 20 7811 4900 Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232 Ben WoodfordGeoff Callow This information is provided by RNS The company news service from the London Stock Exchange