Petrofac Regulatory News (PFC)

7 Aug 2006 07:01

Petrofac Limited07 August 2006 PETROFAC LIMITED ("PETROFAC") PETROFAC TO PROVIDE TURNKEY FACILITIES MANAGEMENT FOR DUBAI'S OFFSHORE OIL & GAS ASSETS Petrofac, the international oil & gas facilities service provider, will takeover responsibility for well and facilities management of Dubai's offshore oiland gas assets on behalf of Dubai Petroleum Establishment ("DPE") under a newcontract which becomes effective today. DPE is a new entity wholly owned by thegovernment of Dubai. Following completion of a transition process, which will effectively commenceimmediately and during which Petrofac, the Government and DPE will work in closecollaboration with outgoing concession-holders Dubai Petroleum Company, Petrofacwill be responsible as Facilities Manager and Safety Case Holder for productionand well management operations on the Dubai offshore assets. Operating in a "oneteam" culture alongside the development planning and reservoir management teamsof DPE, Petrofac will employ the offshore staff and the onshore operations supp ort group. Petrofac's full responsibility for these operations will commence in early April 2007 and the contract has no time limit. The Dubai offshore assets comprise four offshore oil fields with around 70 platforms, and around 1,100 personnel are currently involved in running theoperation. These staff will be employed by Petrofac from April 2007. The new contract becomes a key part of Petrofac's established and expanding portfolio of managed facilities. In the UK sector of the North Sea, Petrofacmanages on a turnkey basis: the Heather & Thistle platforms; the NorthernProducer (Galley field); and the Kittiwake, Hewett and Bacton Terminal facilities. Petrofac also supports the operation of around 20 other fields inthe North Sea for a number of clients, bringing a wealth of experience to thesesuccessful operations, as well as supporting the operations of national andinternational oil companies in the Middle East and Africa. Rob Pinchbeck, Chief Executive of Petrofac's Operations Services division,noted: "This significant international award is an important demonstration ofthe potential to leverage Petrofac's experience from operating across manyassets in the UK sector of the North Sea. Petrofac is proud that its outstandingrecord as a contract service operator has been recognised by DPE and we look forward to serving this important new customer." Ayman Asfari, Petrofac's Group Chief Executive, said: "This ground-breakingcontract with Dubai Petroleum Establishment represents the first time a nationalgovernment entity has chosen to exploit its hydrocarbon resources through directcontracting with an international service provider and we believe DPE's choicerepresents the leading edge of an emerging trend. "This contract award supports Petrofac's aim to be the global oil & gas industry's premier facilities and infrastructure provider." Ends For further information, contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ben WoodfordGeoff Callow Notes to Editors Dubai Petroleum Establishment Dubai Petroleum Establishment has been set up by Government of Dubai as theentity responsible for managing its offshore petroleum assets. Dubai has fouroffshore oil fields - Fateh, Southwest Fateh, Rashid and Falah, all of which areco-managed and will fall under the remit of the new contract. Dubai does notpublish data on these assets. Petrofac Petrofac is a leading international provider of facilities solutions to the oiland gas production and processing industry, with a diverse client portfolioincluding many of the world's leading integrated, independent and national oiland gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC)and is a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andResources, Petrofac designs and builds oil and gas facilities; operates,maintains or manages facilities and trains personnel; and, where return criteriaare met and service revenue synergies identified, co-invests with clients andpartners. Petrofac's range of services allows it to help meet its clients' needsacross the life cycle of oil and gas assets. Petrofac operates out of four strategically placed international centres inSharjah, UAE; Aberdeen, Scotland; Mumbai, India; and Woking, England, and has afurther 13 offices worldwide, with around 7,500 employees. Petrofac's businessis focused on the UK Continental Shelf (UKCS), the Middle East, North Africa andthe Former Soviet Union (FSU). For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock Exchange