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Home » Companies » PETROFAC LTD (PFC)

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Current disclosures in PETROFAC LTD, 4 currently shorting.

% Short

% Change

Date Changed

1.09%

↓ -0.10%

Tue October 27, 2020

3.76%

↓ -0.08%

Tue November 17, 2020

0.80%

↑ 0.10%

Fri July 31, 2020

2.69%

↑ 0.47%

Mon October 12, 2020

Total shorts: 8.34%

Posts: 247
Opinion: Buy
Posted: August 6, 2020

Petrofac and Storegga partnership...

Petrofac and Storegga partner on renewable energy

Petrofac and Storegga Geotechnolgies have joined forces to collaborate on potential business development and project initiatives in carbon capture and storage (CCS), hydrogen and other low carbon projects.

To solidify the commitment, the companies today the signed a Memorandum of Understanding that builds new energy capability and capacity, representing a strategic step in Petrofac’s continued expansion into new and renewable energy.

With an initial focus on the UKCS and North West Europe, the MOU also includes scope for the parties to work together internationally.

John Pearson Petrofac Engineering & Production Services’ Chief Operating Officer, and Global Corporate Development Officer, commented “We are delighted to develop this strategic partnership with Storegga, who have a bold ambition to establish themselves as an operator of low carbon technology projects.”

“Like our existing offshore wind portfolio, CCS, hydrogen and other low carbon technologies require the complex engineering, project management and asset management capability we have developed in oil and gas.”

Nick Cooper, Chief Executive of Storegga Geotechnologies, added, “There is great value in Storegga working with companies such as Petrofac to bolster our engineering and project management capability. This will enable Storegga to accelerate the delivery of our CCS and hydrogen projects in support of the energy transition.”

Posts: 247
Opinion: Buy
Posted: August 5, 2020

Petrofac potential upcoming contracts

Petrofac shares details of potential upcoming contracts

Petrofac has shared details of a number of contracts that will potentially be put out to tender over the next year.

Cheryl McRae, subcontract team lead for the energy services firm’s engineering and production services west division, said they have come up with a “rigorous” tender plan in response to the Covid-19 pandemic and collapse in oil and gas prices.

The potential contracts include work for a number of major players in the North Sea, including Shell, Neptune Energy and EnQuest.

Over the last year, Petrofac, which provides duty holder services for numerous North Sea operators, has tendered around £100 million worth of work.

However, bosses are keen to point out that, with uncertainty still rife in the sector, contracts could be subject to change.

Ms McRae said yesterday at an Oil and Gas UK share fair event: "In light of the current circumstances that we’re facing just now, that being the pandemic and the low oil price, we have re-looked at our tender plan."

"We’ve come up with a rigorous plan but it’s not set in stone. There’s every chance these contracts will change going forward and it all depends on the priorities within our organisation."

The contracts that Petrofac plans to tender over the next 12 months and the assets they relate to are:

Ithaca Energy – FPF-1

· Maintenance support for nucelonic services

· Telecom services

· VSAT services



Anasuria Operating Company – Anasuria FPSO

· ESD support

· Chemical management services



EnQuest – Kittiwake

· Structural analysis

· Pump management service

· Electrical support services



Petrogas Neo – GP3

· Quayside services / chartering

· Nitrogen gas equipment rental

· Rental of methanol bund and compressors

· Lube oil analysis and tank hire

· Rental services

· Provision of piping vibration and stress management analysis

· Provision of flow metering computer systems support

· Provision of sample analysis and offshore chemist services

· Provision of process control and instrumentation consultancy

· Annual pumps health check

· Helideck netting maintenance and certification

· Door maintenance

· Overhaul and service of diesel engines

· Firefighting equipment and maintenance

· Battery maintenance and testing

· Flexible hose assembly inspections and remedials

· UPS maintenance services

· Corrosion management services



ENI – Hewett

· Underwater services contract 2020-23

· SNS X Asset independent verification and recertification of lifting equipment services

· SNS X Asset provision of electrical and instrumentation services



ENI – Liverpool Bay ISP

· Ignition control

· Protection system

· Marine integrity propulsion system

· Structural integrity scopes



Multiple clients – Corporate, Master Services Agreement

· Piping bulks



E&C – Various Assets

· Manual valves



Neptune Energy – Cygnus Alpha

· Biocide injection package

· Oxygen scavenger injection package



Repsol Sinopec Resources UK – Montrose/Bleo Holm

· Shutdown/control valves

· Pig launcher/receiver

· Heat exchangers

· Circulation pumps

· Module fabrication

· Expansion vessels



Shell – Clipper

· Nitrogen injection package



Multiple clients – Corporate (industrial services)

· Coating – paint supply

· Insulation – material supply

· Blasting – material supply

· Passive fire protection – material supply

· Composite repair

· Scaffold – Access platforms

· Asbestos management



Multiple clients – Corporate

· Supply of stationary and office consumables

· Provision of occupational health and medical services

· External legal council services

Posts: 247
Opinion: Buy
Posted: July 23, 2020

What factors will move the Petrofac share price?

Shares in Petrofac (LON:PFC) are currently trading at 170.3 but a key question for investors is how the economic uncertainty caused by Coronavirus will affect the price. One way of making that assessment is to examine where its strengths lie...

The market price in Petrofac shares has moved by 14.3% over the past three months. In volatile markets, many investors are keen to buy what they think are cheap stocks - but it's essential to recognise the difference between a genuine bargain and a value trap. Often, the quality of the stock makes all the difference.

The good news is that Petrofac scores well against some important financial and technical measures. In particular, it has strong exposure to two influential drivers of investment returns: high quality and a relatively cheap valuation.

Buying quality at a fair price

Good quality stocks are loved by the market because they're more likely to be solid, dependable businesses. Profitability is important, but so is the firm's financial strength. A track record of improving finances is essential.

One of the stand out quality metrics for Petrofac is that it passes 6 of the 9 financial tests in the Piotroski F-Score. The F-Score is a world-class accounting-based checklist for finding stocks with an improving financial health trend. A good F-Score suggests that the company has strong signs of quality.

While quality is important, no-one wants to overpay for a stock, so an appealing valuation is vital too. With a weaker economy, earnings forecasts are unclear right across the market. But there are some valuation measures that can help, and one of them is the Earnings Yield.

Earnings Yield compares a company's profit with its market valuation (worked out by dividing its operating profit by its enterprise value). It gives you a total value of the stock (including its cash and debt), which makes it easier to compare different stocks. As a percentage, the higher the Earnings Yield, the better value the share.

A rule of thumb for a reasonable Earnings Yield might be 5%, and the Earnings Yield for Petrofac is currently 15.0%.

In summary, good quality and relatively cheap valuations are pointers to those stocks that are some of the most appealing to contrarian value investors. It's among these shares that genuine mispricing can be found. Once the market recognises that these quality firms are on sale, those prices often rebound.

Posts: 247
Opinion: No Opinion
Posted: July 22, 2020

Salalah LPG extraction project - July 2020

Now in its final stages, work continues to progress well at the Salalah LPG extraction project in Oman for OQ LPG (SFZ) LLC.

In numbers, this video shows the progress the Salalah team has made. Well done to everyone involved👏.

Find out more about the project: https://bit.ly/2E5Yev5

Watch the video
https://www.youtube.com/watch?v=-0KYWCwXuDQ&pp=wgIECgIIAQ==

#PetrofacOman

Posts: 247
Opinion: No Opinion
Posted: April 16, 2020

DALMA PROJECT UPDATE

RNS Number : 8559J
Petrofac Limited
16 April 2020

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.

Posts: 247
Opinion: No Opinion
Posted: March 24, 2020

New Petrofac Contract

Sharjah National Oil Corporation (SNOC), today announced that its Moveyeid Gas Storage Surface Facility Project has been awarded to Petrofac Facilities Management International Limited

Posts: 247
Opinion: Buy
Posted: February 20, 2020

Petrofac awarded US$40 million project

Petrofac awarded US$40 million project by Sharjah National Oil Corporation

Petrofac’s Engineering & Production Services division (EPS) has been awarded an engineering, procurement, construction and commissioning (EPCC) contract by Sharjah National Oil Corporation (SNOC), worth around US$40 million, for a project in the United Arab Emirates.

The award demonstrates delivery against EPS’s strategy to secure smaller greenfield and brownfield EPC projects, utilising its footprint and infrastructure in existing core markets.

Mani Rajapathy, Managing Director, EPS East, commented:
“We are delighted to be awarded this contract by Sharjah National Oil Corporation, a longstanding Petrofac client that we have worked with successfully for many years. The award is important strategically as EPS looks to develop its track record in smaller greenfield and brownfield EPC projects. It also leverages Petrofac’s best-in-class expertise and experience in upstream gas and represents another win in one of our core markets of Sharjah and the UAE. We look forward to delivering a safe and successful project for SNOC.”

Petrofac has been present in the UAE since 1991. The Group employs around 3,000 people in country, many of whom are based at Petrofac’s major operational centre in Sharjah.

Posts: 247
Opinion: Buy
Posted: February 18, 2020

US$1.65 BILLION CONTRACTS FOR ABU DHABI MEGA PROJ

PETROFAC AWARDED US$1.65 BILLION CONTRACTS FOR ABU DHABI MEGA PROJECT

Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates.

The engineering, procurement (including novated long lead items), construction, transportation, offshore installation and commissioning contracts are for ADNOC's Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah island and surrounding offshore fields, located around 140 km off the north-west coast of the Emirate of Abu Dhabi.

The first package, valued at US$1.065 billion, is for gas processing facilities at Arzanah island. Under the terms of the 33-month lump-sum contract awarded to Petrofac, the scope of work includes inlet facilities with gas processing and compression units, power generation units, utilities and other associated infrastructure.

For the second package, valued at US$591 million, Petrofac is leading a Joint Venture with SapuraKencana HL Sdn. Bhd. Abu Dhabi. Under the terms of the 30-month lump-sum contract, the scope of work includes three new well-head platforms, removal and replacement of an existing topside, new pipelines, subsea umbilicals, composite and fibre optic cables.

The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC's strategic objective of enabling gas self-sufficiency for the UAE.

George Salibi, Chief Operating Officer - Engineering & Construction, commented: "Petrofac has a strong track record in the UAE, with a presence here since 1991 and around 3,000 staff in country. We are fully committed to supporting continued and sustainable investment in Abu Dhabi's oil and gas industry through our strategic focus on maximising local delivery, and are pleased that our approach will generate substantial In-Country Value for the local economy. These latest contract awards build on our existing relationship with ADNOC Group companies and we look forward to delivering this mega project in a safe, successful and sustainable manner."

Established in the UAE in 1991, with operational centres in Abu Dhabi and Sharjah, Petrofac has executed 11 major EPC projects in-country to date. Recent projects include the Upper Zakum UZ750 project, Qusahwira Field Development Phase II, the Satah Al Razboot (SARB) Package 3, the contract for expansion of compression facilities at the Bab field and development of the Bab Habshan-1 project.

Ends

Posts: 247
Opinion: No Opinion
Posted: January 21, 2020

Unaoil trial

Started 20 January,2020.

For Mention - Case Started 01/11/2019 09:58
For Pre - Trial Review 16/12/2019 09:59
For Trial - Case Started 20/01/2020 10:34
For Trial - Case adjourned until 11:15 20/01/2020 10:53
For Trial - Resume 20/01/2020 12:03
For Trial - Case adjourned until 14:00 20/01/2020 12:27
For Trial - Legal Submissions 20/01/2020 15:05
Trial (Part Heard) - Resume 21/01/2020 10:13

Posts: 247
Opinion: Buy
Posted: December 31, 2019

Petrofac secures US$130 million in PDO awards

RNS Number : 3737Y
Petrofac Limited
31 December 2019

Press Release

31 December 2019

PETROFAC SECURES US$130 MILLION IN PDO AWARDS

Petrofac announces today a new contract and the award of an additional scope of work with Petroleum Development Oman (PDO), with a combined value of approximately US$130 million.

The new contract award, under a 10-year Framework Agreement signed in 2017 with PDO, is an Engineering, Procurement and Construction Management (EPCM) services contract for the Mabrouk North East Development Project in Oman.

The full field development of Mabrouk North East field is planned to be executed in a phased approach. The 34-month project scope awarded involves the development of 16 gas producing wells and export of the production to the Saih Rawl Central Processing Plant. The project will be integrated with the Mabrouk North East Line Pipe Procurement Project, which was awarded to Petrofac in June 2019.

The other scope of work awarded is to provide further services for PDO's Yibal Khuff Project. This 20-month contract includes detailed Engineering, Procurement, and support for Construction and Commissioning of nine additional wells to improve overall plant production, and laying of gas pipeline from Yibal "A" to the main processing facility.

The Yibal Khuff Project, originally awarded to Petrofac in June 2015, is already in an advanced phase of construction and pre-commissioning, and the delivery of additional wells is to be synchronised for overall readiness.

Elie Lahoud, Group Managing Director, Engineering & Construction said: "This latest project award under the long-term framework agreement with PDO for Mabrouk North East, and additional scope of work for the Yibal Khuff Project, both further underpin our significant track record and commitment to delivering value in Oman. Our focus will remain on safe operations and maximising in-country value through the continued development of local workforce competence and strong supply chain partnerships."

Posts: 247
Opinion: Buy
Posted: December 19, 2019

I've Bought more PFC this morning.

I Bought a 5000 tranche at 379.524p and a 2943 tranche at 378.6985p

Posts: 247
Opinion: Buy
Posted: December 16, 2019

PFC - Project management services contract with BP

Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of Azerbaijan (SOCAR), has secured a Project Management Services contract to support BP’s operations in Azerbaijan and Georgia.

The three-year contract will support both onshore and offshore activity for BP operated projects in the Caspian Sea area including Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC), South Caucasus Pipeline (SCP) and Western Route Export Pipeline (WREP).

Mani Rajapathy, Managing Director, Petrofac EPS East, commented:
"We continue to expand our service offering in the region with our key partner SOCAR. Petrofac has been active in Azerbaijan for over 15 years, providing skills development opportunities and services across the country’s oil and gas and petrochemical industries, so this award further underpins our international presence. We have worked with BP previously in the region and we are well positioned and committed to providing safe, reliable and efficient support in the delivery of their significant projects moving forwards in Azerbaijan and Georgia."

Khalik Mammadov Vice President, SOCAR, said:
"We have established a successful partnership with Petrofac that continues to flourish, the Joint Venture combines our respective experience, local knowledge and depth of capabilities. I am delighted with this latest award to support BP in the Caspian region, which has become one of the major oil and gas producing areas in the world."

Posts: 247
Opinion: Buy
Posted: December 12, 2019

Petrofac secures North Sea engineering frameworks

Petrofac has secured two new Framework Agreements (FAs) for the provision of Engineering, Procurement, Construction and Commissioning (EPCC) services.

The first, a three-year FA awarded by EnQuest as part of a multi-contractor framework, covers EPCC services across the Operator’s North Sea and onshore asset base.

The second EPCC FA, awarded by a Southern North Sea Operator, is for an initial two-year period with options to extend.

Petrofac has now secured seven such frameworks in the UK in 2019, demonstrating its continued focus on the growth of its brownfield projects business.

Future work undertaken through the frameworks will be supported by Petrofac’s Aberdeen office, where the company is actively investing in its engineering team and brownfield management system in support of its ongoing digitalisation strategy.

Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services business in the Western Hemisphere said:
"In a mature basin like the UKCS, technical certainty and predictable delivery are critical success factors. The award of these FAs recognises our ability to combine our extensive engineering and construction expertise and offshore operations experience to drive repeatable project outcomes.

We very much look forward to building on the success of our existing relationship with EnQuest by safely supporting it to enhance recovery and extend field life in the North Sea."

Posts: 247
Opinion: Buy
Posted: December 11, 2019

Petrofac to collaborate on global wells programme

Petrofac’s Engineering and Production Services division (“EPS”) has signed a well management contract under Maersk Drilling’s master alliance agreement with Seapulse Ltd, a global exploration company.

Under its alliance with Seapulse, Maersk Drilling is responsible for providing fully integrated drilling services, including provision of drilling rigs and all related services for a global offshore oil and gas exploration programme. Petrofac has been appointed by Maersk to deliver well management services, including project and supply chain management support for shallow water and deepwater wells throughout the duration of the programme. Maersk has also appointed Halliburton to deliver integrated well services.

Two wells in the UK North Sea have previously been announced as part of the work scope which is expected to start drilling in the second half of 2020. A tailor-made process covering all phases in the end-to-end delivery of a well has been developed with the aim to maximise efficiency and remove waste through a novel approach to collaboration in the industry.

Nick Shorten, Managing Director for Petrofac Engineering and Production Services, Western Hemisphere, commented: “Building our well engineering business is a key element of our stated strategy to position EPS for growth in new markets. The aims of the Maersk Drilling and Seapulse alliance closely align with our own operating principles and we are delighted to be part of this exciting global supply chain collaboration. We very much look forward to working with all parties to deliver effective and technically robust campaigns.”

Morten Kelstrup, COO of Maersk Drilling, said: “We’re thrilled to join forces with Petrofac and Halliburton for this programme which breaks new ground in the industry by using a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain. Petrofac and Halliburton bring strong operational expertise and decades of experience in delivering and integrating oilfield services, which will further contribute to the ability to mitigate the operator cost risk associated with exploration drilling whilst we foster new ways of collaborating across the supply chain.”

Scott Aitken, CEO and co-founder of Seapulse, added: “We are very pleased to see the well delivery model that we have entered into with Maersk Drilling continue to mature with world-class partners. The Seapulse business model leverages Maersk Drilling’s partnerships’ technological and operational expertise to drill and test a statistically relevant exploration portfolio of a scale normally only associated with major oil companies.”

Posts: 247
Opinion: Buy
Posted: November 20, 2019

PFC Petrofac secures US$120 million in EPS awards

RNS Number : 9572T
Petrofac Limited
20 November 2019

Press Release

20 November 2019

PETROFAC SECURES US$120 MILLION IN EPS AWARDS

Petrofac Limited ("Petrofac") announces today awards and contract extensions with a combined value of more than US$120 million, delivering against the Group's strategy to position Engineering & Production Services ("EPS") for growth by diversifying into new markets and geographies.

The awards and contract extensions consist of the following:

· EPS has secured its first small-scale Engineering, Procurement, Construction (EPC) contract in Malaysia. In consortium with partner Serba Dinamik, EPS has been awarded a contract by Asean Bintulu Fertiliser (ABF) Sdn Bhd, one of Malaysia's largest fertiliser plants, for its Third Boiler Project. The ABF plant located in the central region of Sarawak, which started commercial production in 1985, is a subsidiary of PETRONAS Chemicals Group Berhad. The work scope for the 30-month project includes basic and detailed engineering, procurement, construction and commissioning of an additional package boiler (165 tonnes per hour) to improve overall plant reliability and availability and meet total steam demands of 510 tph.

· EPS has also secured a new three-year Engineering, Procurement, Construction and Commissioning (EPCC) Framework Agreement (FA) with a North Sea operator. Future projects undertaken through the FA will be supported by Petrofac's Aberdeen office, where the company is actively growing its engineering team and investing in its brownfield management system in support of its digitalisation strategy.

· The new brownfield projects awards coincide with key North Sea contract extensions for EPS, including a two-year renewal of an existing seven-asset Operations and Maintenance contract, and the extension of EPS' existing Engineering Services contract with Chevron North Sea to June 2020.

John Pearson, Chief Operating Officer, Engineering and Production Services, said: "Continued diversification into new markets, such as brownfield projects, and new geographies, such as Malaysia, are key tenets of our growth strategy. We're also once again delighted that clients in the North Sea have exercised the option to extend our support for important Operations and Maintenance and Engineering Services contracts."

ENDS

Posts: 247
Opinion: Buy
Posted: November 20, 2019

Petrofac Limited - PFC Acquisition of W&W Energy S

RNS Number : 9600T
Petrofac Limited
20 November 2019

Press Release

20 November 2019

ACQUISITION OF W&W ENERGY SERVICES

Petrofac Limited ("Petrofac") announces it has signed a Sale and Purchase Agreement with the shareholders of W&W Energy Services ("W&W") to acquire an entry-level position in the US onshore Operations and Maintenance market.

W&W offers Maintenance, Repair & Overhaul and Pipeline tie-in services in the Permian Basin, the world's largest producing basin. This bolt-on acquisition is in line with Petrofac's stated strategy to position Engineering & Production Services ("EPS") for growth by diversifying into new markets and geographies.

Transaction consideration comprises firm and deferred cash payments, aggregating to a total consideration of 4.5x average W&W EBITDA for the period 2019-21. Petrofac will pay an initial cash consideration of US$22 million on completion. Deferred true-up and earn-out payments will be paid based on W&W's financial performance over the three-year period ended 31 December 2021.

John Pearson, Chief Operating Officer, Engineering and Production Services, said: "This bolt-on provides a platform to grow EPS using a low-risk reimbursable services model in the US onshore services market. As production volumes, infrastructure support requirements and the activity of major operators rise in the Permian, we are confident that the combination of W&W's footprint and strong local brand with Petrofac's Engineering and Modifications capability and global track record can unlock growth."

NOTES

1) W&W's unaudited EBITDA for the financial year ended 31 December 2018 was US$6.6 million.

2) At completion, W&W's net debt was US$2.8 million.

ENDS

Posts: 247
Opinion: No Opinion
Posted: October 7, 2019

PFC Contract with JOG

Greater Buchan Area (GBA) Development Contractor Appointments

Jersey Oil and Gas plc is pleased to announce the award of contracts to Rockflow Resources Ltd ("Rockflow") and Petrofac Facilities Management Limited ("Petrofac").

Accordingly, Rockflow will provide subsurface evaluation support and Petrofac will provide facilities and well support for the concept selection phase of the GBA development project.

JOG has developed a close working relationship with both Rockflow and Petrofac during the last two years and both companies were instrumental in supporting JOG in its successful application in the UKCS 31st Supplementary Offshore Licensing Round that resulted in the award of the GBA development opportunity.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"I am delighted to announce the award of contracts to both Rockflow and Petrofac. We look forward to building on our valued relationship with both companies as we progress through the critical concept selection phases of the Greater Buchan Area development project".

Posts: 247
Opinion: Buy
Posted: September 19, 2019

PFC Sells remaining 51% of Mexican Operations

Press Release

19 September 2019

PETROFAC SELLS REMAINING 51% OF MEXICAN OPERATIONS

Petrofac Limited ("Petrofac") announces that it has today signed an agreement to sell its remaining 51% interest in its operations in Mexico(1)(2), including Santuario, Magallanes and Arenque, to Perenco (Oil & Gas) International Limited ("Perenco"). The terms of the transaction are substantially the same as the sale of a 49% non-controlling interest to Perenco in October 2018. The transaction is subject to regulatory approval and is expected to complete in 2020.

Under the terms of the agreement, Petrofac will receive an initial US$37.5 million upon signing and a further minimum payment of US$82.5 million upon completion. The total consideration of up to US$276 million comprises a fixed amount and a series of contingent amounts that depend upon future milestones, including field development, commercial, service contract transition and fiscal terms, and is subject to the level of achievement of the milestones above. Proceeds from the sale will be used to reduce gross debt.

Petrofac's Group Chief Executive, Ayman Asfari said: "This disposal reinforces our position as a capital-light business and represents further progress in our stated strategy to enhance returns. We are proud of the work we have done since 2011 to enhance production from our operations in Mexico and, in particular, of the country's first ever contract migration, which we achieved for the Santuario field in partnership with Pemex and the Mexican authorities."

Perenco CEO, Mr Benoit de la Fouchardière, said: "The signing of this agreement to acquire the remaining shares in Petrofac's Mexico operations marks another strategic move for Perenco, which will allow us to accelerate the deployment of our expertise in relation to the Santuario, Magallanes and Arenque assets. We believe that our unique know-how will significantly enhance the production and value of these mature fields and allow us to address all the associated challenges."

"Through our daily performance and the full commitment and support of the Perenco team we will demonstrate to the State company Pemex that we are the clear partner of choice for the future of these types of mature assets."

NOTES

1) This transaction will be effected by the sale of Petrofac's remaining 51% interest in Petrofac Netherlands Holding B.V., which indirectly holds the Santuario Production Sharing Contract, the Magallanes Production Enhancement Contract (a tariff-per-barrel-based service contract) and the Arenque Production Enhancement Contract.

2) The gross assets being disposed of had a carrying amount of US$666 million at 31 December 2018. The net assets being disposed of had a carrying amount of US$548 million at 31 December 2018. Related non-controlling interest as at 31 December 2018 stood at $266 million. The assets being disposed of made an underlying business performance profit of US$2 million for the year ended 31 December 2018 (51% share equals approximately US$1 million).

3) The uncertainty surrounding the Mexican Energy Reform programme is expected to result in a small non-cash impairment charge. An impairment charge will take into account, inter alia, management's assessment of the fair value of contingent consideration, which will include an assessment of future Production Enhancement Contract transitions.

ENDS

Posts: 247
Opinion: Buy
Posted: September 18, 2019

Petrofac secures contract for Al Dhafra Petroleum

Petrofac secures maintenance services contract for ADNOC's Al Dhafra Petroleum.

Petrofac’s Engineering & Production Services (EPS) division has been awarded a contract to provide managed maintenance services for ADNOC’s Al Dhafra Petroleum to support its operations at Haliba field, located onshore along the south-east border of Abu Dhabi.

Al Dhafra Petroleum is a joint venture company between ADNOC and the Korea National Oil Corporation and GSE Energy. The company explores and develops its concession area as it evaluates the commercial value of several promising fields through an agile operating model. The company recently achieved first oil production at Haliba field on 1 June 2019.

Mani Rajapathy, Managing Director, Petrofac EPS East, said: “We are delighted to be supporting Al Dhafra Petroleum, as production from its Haliba field is an integral part of ADNOC’s strategy to unlock and maximise value from all of Abu Dhabi’s oil and gas resources to create long-term and sustainable returns. This is our first contract to specifically undertake maintenance activities for a full asset in Abu Dhabi, setting us up well to support other key projects in the UAE. Our team look forward to playing their role in maintaining the facilities, adding value through the delivery of services in a safe and highly efficient manner.”

Petrofac first established a presence in the UAE in 1991 and has developed a large workforce supporting both regional and international projects, with a commitment to deliver In-Country Value. Emiratisation is a key business priority and Petrofac is actively promoting current career opportunities.

Posts: 247
Opinion: Buy
Posted: August 28, 2019

Petrofac Results for the six months ended 30 June

Highlights:
Solid operational performance in all our businesses
Business performance net profit (1)(2) of US$154 million
Reported net profit (2) of US$139 million
New order intake (3) of US$2.0 billion year to date
Net cash of US$69 million
Interim dividend of 12.7 US cents per share

DIVIDEND

The Board has declared an interim dividend of 12.7 US cents per share (2018: 12.7 US cents). The interim dividend will be paid on 18 October 2019 to eligible shareholders on the register at 20 September 2019 (the 'record date'). Shareholders who have not elected to receive dividends in US dollars will receive a sterling equivalent. Shareholders can elect by close of business on the record date to change their dividend currency election.

Full RNS can be read here, https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PFC/14203796.html