6 Apr 2010 08:05
Press Release
6 April 2010
PETROFAC LIMITED
("Petrofac", the "Company" or the "Group")
COMPLETION OF THE DEMERGER OF THE UK CONTINENTAL SHELF OIL & GAS ASSETS OF PETROFAC ENERGY DEVELOPMENTS
Petrofac,the international oil & gas facilities service provider, is pleased to announce the completion of its Share Split and the Demerger of Petrofac Energy Developments Limited to EnQuest PLC ("EnQuest").
EnQuest Shares have now been admitted to the Official List and to trading on the London Stock Exchange's market for listed securities. EnQuest Shares are trading under the ticker "ENQ". The EnQuest Shares are also expected to be admitted to trading on the NASDAQ OMX Stockholm on 9 April 2010.
Petrofac Shares now have a nominal value of US$0.02 each and continue to trade under the ticker "PFC" on the London Stock Exchange's market for listed securities.
The Petrofac B Shares created as part of the Share Split were purchased by Petrofac and cancelled on 5 April 2010. EnQuest Shares have been issued to Petrofac Shareholders in accordance with the terms and procedures set out in Petrofac's Circular to its shareholders dated 4 March 2010 (the "Circular").
As anticipated in the Circular, Amjad Bseisu (chief executive officer, EnQuest) has resigned from the Petrofac Board with immediate effect.
Commenting on the completion of the demerger, Ayman Asfari, group chief executive, Petrofac, commented: "I am delighted we have successfully completed the Demerger of our UK Continental Shelf upstream assets and the launch of EnQuest as a listed independent development and production company. The Demerger is an important realisation of our 'harvest' strategy and we remain fully committed to our Energy Developments business unit and will continue to pursue value creating investments in oil & gas upstream and energy infrastructure developments.
"As a result of the Demerger Amjad leaves the Petrofac group today. I would like to take this opportunity to thank him for his significant contribution to Petrofac over a number of years and to wish him every success in creating value for EnQuest shareholders going forward."
All defined terms in this announcement are as per the Circular.
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
James Bradley
David Allchurch
petrofac@tulchangroup.com
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 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.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With more than 11,500 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
Petrofac (PFC)
Enquest (ENQ)