Petrofac Regulatory News (PFC)

7 Apr 2008 07:01

Petrofac Limited07 April 2008 PETROFAC LIMITED VENTURE EXTENDS CONTRACT WITH PETROFAC Petrofac, the international oil & gas facilities service provider, announcesthat it has been awarded a two-year extension of its existing duty holdercontract with Venture Production plc ('Venture'). The extension will commence inNovember 2008 when the current contract is to be renewed. The value of thecontract is circa £20 million per annum. Petrofac has been duty holder on Venture's Kittiwake platform since 2004. Duringthis time Petrofac has worked closely with Venture on a number of key projects.These include replacement of the offloading system with a more environmentallyfriendly system; installation of additional subsea tie-backs to the existingequipment; and, in November 2007, Petrofac Brownfield completed significant newtopside modifications on the installation. Safety performance on the Kittiwake has continued to improve, with the platformrecently achieving the milestones of two years without a lost time incident(LTI) and one year with no recordable injuries. These are remarkableachievements, considering the level of activity expended during this time. Steve Bullock, VP operations management for Petrofac Facilities Management said:"We are delighted that the contract extension with Venture has been agreed. Thisannouncement enhances Petrofac's long-standing relationship with Venture anddemonstrates our strong track record. We worked closely with Venture to ensurean effective transition phase of Kittiwake, and have subsequently delivered ademonstrably successful transformation of the asset. This illustrates Venture'sexpertise and successful investment strategy, along with Petrofac's strongsupport as duty holder, which have delivered success for Venture and itspartners." Ends For further information contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonOlly Scott Notes to Editors Petrofac Petrofac is a leading international provider of facilities solutions to the oil& gas production and processing industry, with a diverse customer portfolioincluding many of the world's leading integrated, independent and national oil &gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) andis a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andEnergy Developements, Petrofac designs and builds oil & gas facilities;operates, maintains or manages facilities and trains personnel; and, wherereturn criteria are met and service revenue synergies identified, co-investswith clients and partners. Petrofac's range of services allows it to help meetits customers' needs across the life cycle of oil & gas assets. With more than 9,500 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 20 offices worldwide. The predominant focus of Petrofac's business is onthe UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Asia Pacific region. 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