Last checked at 16 Apr 2020 07:37
Press Release
16 April 2020
DALMA PROJECT UPDATE
Petrofac Ltd ("Petrofac" or "the Company") announces that its Petrofac Emirates joint venture has received notice of termination from Abu Dhabi National Oil Company (ADNOC) of two recently awarded contracts for the Dalma Gas Development Project. Petrofac is committed to working with ADNOC over the coming weeks to explore alternative options to deliver this project in a way that supports their strategic objectives within the current challenging environment.
The project, worth around US$1.65billion, and awarded in February 2020, comprised two packages. Petrofac Emirates' portion of the scope of work is valued at US$1.5billion.
Petrofac continues to progress execution of its remaining Group backlog of around US$7billion as planned and is still progressing with tendering for major contracts in Abu Dhabi. However, it anticipates this development may have an impact on the timing of their awards.
ENDS
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@petrofac.com
Aaron Clark, Investor Relations & Communications Manager
aaron.clark@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our six values - safe; ethical; innovative; responsive; quality & cost conscious; driven to deliver - are at the heart of everything we do.
Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 11,500 employees based across 31 offices globally.
Petrofac is quoted on the London Stock Exchange (symbol: PFC).
For additional information, please refer to the Petrofac website at www.petrofac.com
Petrofac Emirates
In July 2013, we entered into agreements to increase our economic interest in Petrofac Emirates to 75%. Mubadala Petroleum (the original JV partner) sold its shares in Petrofac Emirates to Nama Project Services LLC, an affiliate of Nama Development Enterprises (Nama), a leading local service provider to the energy industry across the United Arab Emirates (UAE). Nama hold the remaining 25%. Petrofac Emirates was initially formed in 2008 and was the first JV company in the UAE to provide a full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects. Contacts awarded to the JV include Upper Zakum field project (in consortium with Daewoo); Bab Habshan-1 project and the EPC contract for expansion of gas compression facilities at the Bab field.