Petrofac Regulatory News (PFC)

1 Feb 2010 07:17

01 February 2010 PETROFAC LIMITED Comment on Press Speculation

Petrofac, the international oil & gas facilities service provider, has noted press speculation concerning the possible demerger of its interests in the Don area of the North Sea.

Petrofac has a strategy of creating value in assets held by its Energy Developments unit by leveraging the capabilities of the group's services businesses, and of harvesting that value, as and when appropriate. Options with regard to individual assets are kept under regular review and if an opportunity arises to crystallise value on attractive terms for our shareholders, an announcement would be made at that time.

Should such a transaction take place, Petrofac remains committed to further investment and value creation in its Energy Developments business.

EndsEnquiries:Tulchan Communications +44 20 7353 4200James BradleyNotes 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.