Petrofac Regulatory News (PFC)

9 March 2020

Petrofac Limited (the 'Company')

Notification of Transactions by

Persons Discharging Managerial Responsibilities

Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby makes the following notifications in respect of its Executive Directors and their awards and vestings of ordinary shares of US$0.02 each in the Company (the 'Shares') under the Petrofac Performance Share Plan ('PSP') which took place on 6 March 2020. The Company takes the view that it is only its Directors who may be regarded as Persons Discharging Managerial Responsibilities ('PDMRs').

These awards and vestings form part of the Company's annual bonus cycle. Details of each PDMR's position before and after the awards and vestings are outlined in the tables below.

PSP

PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant, provided a participant does not leave the Company's employment and to the extent that performance conditions have been satisfied. Awards are made at nil cost to participants.

Details of the awards under the PSP which took place on 6 March 2020 for each Executive Director, including the position before and after awards were made, are outlined below:

1 Ayman Asfari elected not to sell any Shares and, as a consequence, his shareholding in the Company has increased by the number of Shares vested. See the table below for details of his shareholding after 6 March 2020.

2 Alastair Cochran elected to sell sufficient Shares to satisfy his tax liability. The share price for the Shares sold was 271.75 pence. His shareholding in the Company has therefore increased by the number of his unsold vested Shares. See the table below for details of his shareholding after 6 March 2020.

 3 Following the end of the three year performance period in respect of the 2017 PSP award, the performance conditions were such that 15.2% of the award vested, with the balance lapsing.

Following these transactions, the PDMRs and their connected persons hold the following beneficial interests in the Company.

The Company's issued share capital consists of 345,912,747 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

For further information contact:

Alison Flynn, Group Head of Communications

alison.flynn@petrofac.com 

+44 (0) 207 811 4913

Jonathan Yarr, Head of Investor Relations

jonathan.yarr@petrofac.com

+44 (0) 207 811 4931

Tulchan Communications Group Ltd

Martin Robinson

Tel: +44 (0) 20 7353 4200

petrofac@tulchangroup.com

LEI 2138004624W8CKCSJ177