Petrofac Regulatory News (PFC)

1 Sep 2008 07:00



PETROFAC LIMITED

MUBADALA AND PETROFAC ESTABLISH A NEW JOINT VENTURE

Petrofac Limited, the international oil & gas facilities service provider, and Mubadala Petroleum Services Company LLC (MPSC), a wholly owned subsidiary of Mubadala Development Company, announced today their plans to establish a joint venture company, Petrofac Emirates LLC. Based in Abu Dhabi and scheduled to begin operation within the next few months, the new company will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemical projects throughout the United Arab Emirates.

"Petrofac Emirates will provide safe, efficient and cost effective services to the energy industry," said Ibrahim Al Ansari, Chairman of Mubadala Petroleum Services Company. "The establishment of this joint venture also furthers the diversification of Abu Dhabi in the energy sector and will contribute to ensure the future sustainability of a very important industry through investment in local capabilities and human resources," added Al Ansari. 

"Selected management and engineering staff from Petrofac's Engineering & Construction division in Sharjah will be assigned to the joint venture in order to help establish its initial business structure and operating procedures before end of this year," said Rajesh Verma, executive vice president of Petrofac's Engineering & Construction division. "We plan to have a world class engineering centre in Abu Dhabi with several hundred full time staff within the next few years."

Maroun Semaan, chief executive of Petrofac's Engineering & Construction division commented: "We believe this alliance with Mubadala will create significant business opportunities for Petrofac Emirates and reinforces Petrofac's commitment to building and strengthening business operations in Abu Dhabi and the UAE."

Ends

For further information contact:

Petrofac Limited +44 (0) 207 811 4900

Ayman Asfari, Group Chief Executive

Keith Roberts, Chief Financial Officer

Jonathan Low, Head of Investor Relations

Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232

Charles Cook

Olly Scott

Mubadala Development Company + 971 50 616 8517

Mohammed Amasha, Media Relations Officer

Notes to Editors

Mubadala Development Company

Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives, either independently or in partnership with leading international organisations. Mubadala's commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns.

The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.

Mubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about Mubadala, its partnerships and activities please visit www.mubadala.ae. 

Mubadala Petroleum Services Company

Mubadala Petroleum Services Company (MPSC) was incorporated in Abu Dhabi in 2007 with a mission to build on the Emirate's existing business in petroleum products and services by investing in profitable strategic and commercial ventures with manufacturers and superior service providers.

Petrofac

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 (symbol: PFC) and is a constituent of the FTSE 100 Index.

Through its three divisions, Engineering & Construction, Operations Services and Energy Developments, Petrofac designs and builds oil & gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with customers and partners. Petrofac's range of services allows it to help meet its customers' needs across the life cycle of oil & gas assets.

With more than 10,000 employees, Petrofac operates out of four strategically located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a further 20 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

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