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Home » Companies » PETROFAC LTD (PFC)

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Current disclosures in PETROFAC LTD, 7 currently shorting.

% Short

% Change

Date Changed

2.63%

0.12%

Thu February 22, 2024

0.88%

-0.02%

Thu March 7, 2024

2.69%

-0.09%

Fri March 1, 2024

1.81%

0.05%

Wed March 27, 2024

0.70%

0.07%

Thu November 30, 2023

1.21%

0.07%

Thu January 11, 2024

1.31%

0.07%

Thu March 14, 2024

Total shorts: 11.23%

Posts: 261
Opinion: No Opinion
Posted: April 24, 2018

PETROFAC SELLS JSD6000 PROJECT TO ZPMC

RNS Number : 8893L
Petrofac Limited
24 April 2018

Press Release

PETROFAC SELLS JSD6000 PROJECT TO ZPMC

Petrofac Limited ("Petrofac" or "the Company") announces that Petrofac International (UAE) LLC has signed an agreement to sell the JSD6000 project to Shanghai Zhenhua Heavy Industries Co Ltd (ZPMC).

The transaction comprises the sale of all JSD6000 related assets held by Petrofac, including the owner furnished equipment, for a gross consideration of US$190 million and a 10% interest in a new special purpose vehicle set up to own the vessel once commissioned. Petrofac will provide technical support for the construction of the vessel, which is expected to complete in 2022(2). Petrofac will not contribute to the cost of construction, commissioning or testing of the vessel.

The total consideration of US$190 million is offset by a net amount of US$23 million retained by Petrofac under the previous hull and marine contract with ZPMC. The remaining US$167 million net cash consideration will be received as follows: US$92 million within 20 business days; a further US$70 million in stages as assets are physically transferred (expected to be over the period mid-2018 to early 2019); and, a final amount of US$5 million upon commissioning of the vessel. The proceeds from the sale will be used to reduce gross debt.

Petrofac's Group Chief Executive Ayman Asfari said: "This agreement materially completes our disposal of the project, in line with our stated intention to exit the deep-water market. It is a further positive step in the execution of our stated strategy to focus on our core strengths, deliver organic growth and reduce capital intensity."

Ends

Notes:

1. The assets being disposed were classified as assets held for sale at 31 December 2017 and had a carrying amount of US$217 million There are no profits attributable to the assets that are the subject of the transaction.

2. Petrofac will provide technical support for a period of four and a half years to support the construction of the vessel. Petrofac will not contribute to the cost of construction, commissioning or testing of the vessel. Petrofac will retain its 10% interest in the special purpose vehicle, which will own the vessel irrespective of the final cost of the vessel.

3. A small impairment and fair value adjustment is expected to be taken in the six-month period ended 30 June 2018.

Posts: 261
Opinion: Strong Buy
Posted: April 3, 2018

PFC Petrofac secures further India EPC award

RNS Number : 5316J
Petrofac Limited
03 April 2018

Press Release

3 April 2018

PETROFAC SECURES FURTHER INDIA EPC AWARD

Petrofac has received a letter of award from Vedanta Limited for its Raageshwari Deep Gas Field Development Project located in Barmer, Rajasthan, India.

The lump-sum engineering, procurement and construction (EPC) project, valued at approximately US$233 million, is for integrated gas surface facilities and includes pre-commissioning and commissioning. Under the terms of the 23-month contract, the scope of work includes well pads, flowlines and a new gas processing terminal.

Sunder Kalyanam, Group Managing Director for Petrofac's Engineering & Construction Growth business said: "This award is further confirmation of our organic growth ambitions in action. It is particularly pleasing that we continue to build our presence in-country following two other recent EPC contract awards. We are delighted to be supporting Vedanta Limited in the safe and efficient delivery of this important project and look forward to building a long and successful relationship together."

Posts: 261
Opinion: Strong Buy
Posted: March 29, 2018

Petrofac awarded US$265million OMAN contract

PETROFAC SECURES CONTRACT WITH PETROLEUM DEVELOPMENT OMAN

Petrofac has been awarded a contract worth US$265million for the development of the Marmul Polymer Phase 3 (MPP3) Project in southern Oman. This is the first award to be secured under a 10-year Framework Agreement with Petroleum Development Oman (PDO) signed in 2017, which enables Petrofac to provide Engineering, Procurement and Construction Management (EP+Cm) Support Services for PDO's major oil and gas projects.

The award of the MPP3 project builds on Petrofac's existing track record of EP+Cm support contract delivery for the Rabab Harweel Integrated Project and Yibal Khuff Project on behalf of PDO and further consolidates the effectiveness of its EPCm business unit in aligning to client needs through tailored delivery models. It is the latest in a series of awards for Petrofac in Oman, where the Group has been operating for more than three decades, delivering projects and services on both a lump-sum and reimbursable basis.

The scope of MPP3 involves Engineering, Procurement and Construction support for the extension of off-plot and on-plot production facilities associated with around 500 producing and 75 injector wells. In line with its commitment to further increasing in-country value, Petrofac will undertake the engineering, procurement and project management activities from its Muscat office, which will be expanded to support the needs of the MPP3 project.

Roberto Bertocco, Managing Director, EPCm for Petrofac said: "We are delighted to have been awarded our first project within the framework agreement with PDO. This not only builds on our collective achievements and track record for EP+Cm support service delivery, but also paves the way for future success through the transfer of key people, skills and experience in our Muscat office.

"Our priorities are to mobilise our teams quickly and to ensure MPP3 is delivered with a focus on technical quality, on time and within budget. We have returned significant value to PDO through our previous project execution and we intend to take the same approach to delivery with MPP3."

Said Al-Maktoomi, Frame Agreement Contract Holder, PDO, said: "MPP3 is a key project for PDO. Upon completion it will significantly expand our Enhanced Oil Recovery programme for heavy crude. Petrofac has already demonstrated its effectiveness as a partner to PDO and our teams will continue to work with shared goals and true collaboration as we move forward."

Posts: 261
Opinion: Strong Buy
Posted: March 21, 2018

Hark PTC Limited buys GBP 10 million worth.

RNS Number : 5008I

Petrofac Limited

21 March 2018

21 March 2018

Petrofac Limited (the "Company")

Notification of Transaction by

Persons Discharging Managerial Responsibilities (PDMRs)

Pursuant to Market Abuse Regulation 19, the Company hereby notifies that Hark PTC Limited, of which Ayman Asfari, the Company's Group Chief Executive is a beneficiary, has purchased a total of 2,023,800 ordinary shares ("Shares") of US$0.02 each in the Company at 494.113 pence per Share, with a total consideration of GBP10 million.

Following this transaction, Mr Asfari has a discloseable beneficial interest in 64,982,226 Shares, representing 18.79 per cent of the total voting rights of the Company.

The Company's issued share capital consists of 345,912,747 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any shares in Treasury.

Posts: 261
Opinion: Strong Buy
Posted: March 21, 2018

Petrofac awarded second EPC contract in India

RNS Number : 3620I

Petrofac Limited

21 March 2018

Press Release

21 March 2018

PETROFAC EXPANDS ACTIVITY IN INDIA WITH SECOND EPC CONTRACT IN 2018

Petrofac has been awarded a contract by Hindustan Petroleum Corporation Limited (HPCL) for its Sulphur Recovery Unit (SRU) Block Package for the Visakh Refinery Modernisation Project (VRMP), Visakhapatnam, Andhra Pradesh, India.

The lump-sum engineering, procurement and construction (EPC) project, valued at approximately US$200 million, includes licensing and commissioning. The SRU package will be constructed within the existing refinery under the terms of the 30-month contract.

Sunder Kalyanam, Group Managing Director for Petrofac's Engineering & Construction Growth business said: "We are delighted to be supporting HPCL in the delivery of this important package at the Visakh Refinery. It is particularly satisfying to be expanding our EPC activities in-country with this award and our recent contract award in Kerala. Both demonstrate our growth strategy in action and the continued strength of our capability in the refinery sector."

Posts: 261
Opinion: No Opinion
Posted: March 19, 2018

Petrofac awarded US$580million EPC contract

Petrofac Limited Petrofac awarded US$580million EPC contract

RNS Number : 1418I

Petrofac Limited

19 March 2018

Press Release

19 March 2018

PETROFAC AWARDED US$580 MILLION EPC CONTRACT

Petrofac Limited is pleased to announce it has signed a binding letter of intent, for a contract worth around US$580 million with a GCC National Oil Company for the engineering, procurement and construction (EPC) of a major project. Specific details in relation to the project remain confidential at this time and additional information will be announced in due course.

E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: "Petrofac has a very strong record of project execution in the GCC. This latest contract award further cements our footprint in our core markets, and we look forward to delivering a safe and successful project."

Posts: 261
Opinion: Strong Buy
Posted: March 12, 2018

PETROFAC AWARDED INDIA EPC CONTRACT

Mon, 12th Mar 2018 07:00

RNS Number : 3709H
Petrofac Limited
12 March 2018

Press Release

12 March 2018

PETROFAC AWARDED INDIA EPC CONTRACT

Petrofac has been awarded a lump-sum Engineering, Procurement and Construction (EPC) contract by Bharat Petroleum Corporation Limited (BPCL) valued at approximately US$ 135 million.

Located at BPCL's Kochi Refinery, Kerala, India, the scope of work encompasses engineering, procurement, construction, pre-commissioning and assistance with commissioning. The 27-month contract is for the addition of a new Motor Sprit (MS) block of refining units, which will increase the current output of the facility to meet India's BS-VI automotive fuel quality.

Sunder Kalyanam, Group Managing Director for Petrofac's Engineering & Construction Growth business said: "Having previously executed EPC projects in India between 1997 and 2004, we are delighted to have secured this contract to deliver a new complex of units at the BPCL Kochi Refinery. This award demonstrates our organic growth ambitions in action, and attests to our strategy of a continued increase in our capabilities in India, a country which holds a special place in our service offering.

"Petrofac has thriving operational centres in Mumbai, Chennai and Delhi that provide engineering services through a multidisciplinary capability, supporting our projects globally. In addition to our core activities, we offer a comprehensive graduate training programme and are committed to social investment. We look forward to continuing to build a sustainable and long-term presence in-country through the safe and timely delivery of this project for BPCL."

Posts: 261
Opinion: Strong Buy
Posted: March 1, 2018

PFC - Full year results - year ended 31 December

RNS Number : 3526G
Petrofac Limited
01 March 2018


PETROFAC LIMITED
FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017

· Business performance net profit (1) up 7% to US$343 million

· Reported net loss of US$29 million post impairments and exceptional items of US$372 million

· New order intake (2) of US$5.2 billion; backlog (3) of US$10.2 billion

· Net debt of US$0.6 billion reflecting strong capital management

· Full year dividend of 38.0 cents per share in line with dividend policy

Year ended 31 December 2017

Year ended 31 December 2016

US$ million

Business performance

Exceptional items and certain re-measurements

Total

Business performance

Exceptional items and certain re-measurements

Total

Revenue

6,395

-

6,395

7,873

-

7,873

EBITDA

730

n/a

n/a

704

n/a

n/a

Net profit/(loss)

343

(372)

(29)

320

(319)

1

Ayman Asfari, Petrofac's Group Chief Executive, commented:

"We have delivered solid full year results, good operational performance and strong financial discipline, while maintaining our focus on best-in-class and safe project execution for our clients.

"We are also delivering our clear, focused strategy. The Group has secured awards in a broad range of markets during the year. Operational excellence is maintaining our strong competitive position and protecting our differentiated margins. Furthermore, we are continuing to reduce capital intensity and enhance returns, evidenced by the disposal of non-core assets and our decision to exit the deep-water market.

"Our competitive position has helped secure a strong recovery in new orders in 2017, particularly in the second half of the year. Tendering activity remains high, we are well positioned on several bids and we are maintaining our bidding discipline in a competitive market. With a healthy order backlog and good revenue visibility, I am confident that Petrofac is well positioned for 2018."



Chairman Rijnhard van Tets said: "Over the course of 2017 the leadership team has worked relentlessly to deliver for our clients, secure a strong recovery in new orders and continue to execute our stated strategy. The Board continues to have full confidence in Ayman, in Petrofac's people, its processes and its long-term prospects, and looks forward to continued good progress in 2018."


DIVISIONAL HIGHLIGHTS

Engineering & Construction (E&C)

Good operational performance, delivering strong margins in line with guidance

· High level of activity with 218 million manhours worked, up 3%

· US$4.1 billion of new order intake, including GC 32, Duqm, Sakhalin and Khazzan Phase 2

· Good progress across our portfolio of lump-sum projects

- Completed Khazzan central processing facility in Oman

- Sohar Refinery Improvement project in Oman in commercial operation

- Many projects in pre-commissioning or commissioning phase

· Revenue of US$4.8 billion, down 19%, reflecting project phasing

· Net profit up 10% to US$342 million

· Net margin increased to 7.1%, with an improvement in project mix partly offset by higher tax

Engineering & Production Services (EPS)

Solid operational performance in a challenging market environment

· Secured US$1.1 billion of new contracts and extensions predominantly in UK, Turkey, Iraq, and Kuwait; long-term framework agreement signed with Petroleum Development Oman

· Revenue of US$1.4 billion, down 19%, reflecting phasing of EPCm projects as well as lower new order intake, activity and utilisation in EPS West

· Net profit of US$90 million, down 19%

· Net margin stable at 6.5%, with improved project profitability largely offset by lower overhead recovery and deferred tax charges

Integrated Energy Services (IES)

Underlying performance improving as we reposition the portfolio

· Improving trend in operational performance across our upstream portfolio

· Revenue of US$228 million, down 16% (up 8% excluding asset sales)

- Production down 34% to 7.3 mmboe (net) reflecting asset sales

- Higher average realised oil price of US$57/bbl (2016: US$53/bbl)

- Lower cost recovery in Mexico, reflecting lower capital investment

· EBITDA of US$97 million, down 2% year on year (up 43% excluding asset sales)

· Net loss halved to US$21 million, benefitting from lower costs

· Continued to reposition IES through sale of Pánuco PEC and migration of Santuario PEC to PSC

EXCEPTIONALS AND CERTAIN RE-MEASUREMENTS

The reported net loss of US$29 million was impacted by exceptional items and certain re-measurements of US$372 million, of which approximately US$350 million were non-cash items.

The Board has today confirmed its intention to exit the deep-water market triggering an impairment charge of US$176 million (post-tax) in relation to the JSD6000 installation vessel, which has been reclassified as an asset held for sale. We continue to pursue options to maximise value for the JSD6000.

In our IES division, impairments and exceptional items totalled US$179 million after tax, predominantly in relation to the Greater Stella Area development, following re-assessment of production profiles, including a lower oil to gas ratio, Block PM304, due to a rephasing of future production, and Santuario, reflecting the terms secured on migration to a PSC. The resultant carrying amount of the IES portfolio was US$1.0 billion as at 31 December 2017 (2016: US$1.2 billion) excluding working capital balances.

NET DEBT AND LIQUIDITY

Net debt was US$0.6 billion as at 31 December 2017 (2016: US$0.6 billion), reflecting strong capital management. A 44% reduction in capital expenditure to US$170 million and better than expected working capital flows at the year-end delivered free cash flow of US$281 million in the year.

The Group retained good liquidity of US$1.6 billion as at 31 December 2017 (2016: US$1.8 billion). During 2017, Petrofac extended US$1.0 billion of its revolving credit facility by one year to 2021 and refinanced US$200 million of term loans, extending their maturity by up to two years.

DIVIDEND

In August 2017, the Board approved a sustainable dividend policy that targets a dividend cover of between 2.0x and 3.0x business performance net profit as the Group transitions back towards a low capital intensity business model. Going forward, it is proposed that the interim payment each year will be approximately 33% of the prior year total dividend.

In line with this policy, the Board is proposing a final dividend of 25.3 cents per share (2016: 43.8 cents). The final dividend will be paid on 25 May 2018 to eligible shareholders on the register at 27 April 2018 (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. Together with the interim dividend of 12.7 cents per share (2016: 22.0 cents), this gives a total dividend for the year of 38.0 cents per share (2016: 65.8 cents). The total dividend is covered by free cash flow.

OUTLOOK

The Group had a healthy order backlog of US$10.2 billion (2016 restated (4): US$11.7 billion) at the end of 2017 and has US$5.2 billion of secured revenue for 2018. Reported backlog excludes the framework agreement signed with Petroleum Development Oman in June 2017, which will add to backlog as projects are sanctioned.

31 December 2017

31 December 2016



US$ billion

US$ billion

Engineering & Construction

7.5

8.2

Engineering & Production Services

2.7

3.5

Group

10.2

11.7

Tendering activity remains high, and we are well positioned on several bids. We are maintaining our bidding discipline in a competitive market.

We are taking measures to deliver a sustainable reduction in net debt and strengthen our balance sheet. Group capital expenditure is expected to decrease to around US$150 million in 2018 (2017: US$170 million), and we remain committed to delivering operational excellence and divesting non-core assets.

BOARD AND MANAGEMENT CHANGES

The Board has concluded that restrictions imposed on Group Chief Executive Ayman Asfari in May 2017 are no longer appropriate. He will resume full executive duties with immediate effect and re-join the Nominations Committee. Mr Asfari will continue to fully respect and support the process and independence of both the SFO investigation and the sub-committee of the Board with delegated responsibility for this matter.

Marwan Chedid has elected to leave the business to pursue other interests and consequently has today stepped down as Group Chief Operating Officer. He will act in an advisory capacity for a transitional period to assist on his succession. He will remain ring-fenced from the SFO investigation in his temporary advisory role.

Separately, at the Annual General Meeting in May, Non-executive Director and Chairman of the Remuneration Committee Matthias Bichsel will be appointed Senior Independent Director. David Davies will also join the Board as a Non-executive Director and will be appointed Chairman of the Audit Committee.

David has more than 35 years' experience as a financial professional, most recently as Chief Financial Officer and Deputy Chairman of the Executive Board at international, integrated oil and gas producer and petrochemical solution provider OMV Aktiengesellschaft. He also served as Group Finance Director for Morgan Crucible Company plc and London International Group plc. David is a Chartered Accountant with a BA(Hons) in Economics from the University of Liverpool and an MBA from the Cass Business School. He is a Non-Executive Director of Ophir Energy Plc where he is Chairman of the Audit and a member of the Remuneration committee, a member of the Supervisory Board at Uniper SE where he also chairs the Audit and Risk Committee and Deputy Chairman of the Supervisory Board of Wienerberger AG and Chairman of their Audit Committee. David is also a member of the Senior Advisory Board at First Alpha Energy LLP.

NOTES

(1) Business performance profit attributable to Petrofac Limited shareholders before exceptional items and certain re-measurements. Business performance net profit is after US$38 million of deferred tax asset derecognition resulting from a combination of the previously announced changes in UK tax loss relief rules, which were enacted in October 2017, and a reduction in UK profit forecasts.

(2) New order intake comprises new contract awards and extensions, net variation orders and the rolling increment attributable to EPS contracts which extend beyond five years. Order intake is not an audited measure. In addition, backlog was reduced by US$0.6 billion following a revision of the expected work from EPS call-off contracts.

(3) The Group no longer recognises backlog in respect of the IES division. Backlog at 31 December 2017 includes US$1.0 billion for Petrofac's share of the Duqm refinery project in Oman. The full notice to proceed is expected shortly following formal contract signature on 15 February 2018.

(4) Restated to exclude backlog from the IES division.


PRESENTATION

Our full year results presentation will be held at 9.00am today, which will be webcast live via:

http://cache.merchantcantos.com/webcast/webcaster/4000/7464/16532/99371/Lobby/default.htm


SEGMENTAL PERFORMANCE AND FINANCIAL REVIEW

Click on, or paste the following link into your web browser, to view our Segmental performance and Financial review for the year ended 31 December 2017 - http://www.rns-pdf.londonstockexchange.com/rns/3526G_2-2018-3-1.pdf


GROUP FINANCIAL STATEMENTS

Click on, or paste the following link into your web browser, to view the Group financial statements of Petrofac Limited for the year ended 31 December 2017 - http://www.rns-pdf.londonstockexchange.com/rns/3526G_1-2018-3-1.pdf

The attached documents are extracts from the Group's Annual Report and Accounts for the year ended 31 December 2017. Page number references refer to the full Annual Report when available.

Ends

Posts: 261
Opinion: No Opinion
Posted: February 18, 2018

Petrofac - Duqm refinery deal signed

Duqm refinery signs deals with EPC contractors

Muscat: Duqm Refinery, a joint venture equally owned by Oman Oil Company and Kuwait Petroleum International, recently signed contracts with its engineering, procurement and construction (EPC) contractors for building the 230,000 barrels per day (bpd)-refinery in Duqm.

This was a follow up from the intention to award EPC contracts announced by the project in mid-2017, according to a press release.

Duqm Refinery’s EPC scope of work was divided into three separate packages. The scope of first EPC included the process units of the refinery, while the second EPC consisted of the utilities and offsite facilities. The third EPC package included the product export terminal in Duqm Port, the Duqm Refinery dedicated crude storage tanks in Ras Markaz and the 80 km interconnecting pipeline from these crude tanks to Duqm Refinery.

“This mega project will ultimately lead towards transforming Duqm area into one of the most important hubs for encouraging and promoting energy related industries regionally as well as internationally,” said Eng. Nabil Bourisli, Chairman of Duqm Refinery. “The project creates a great value proposition and can enhance prosperity for both countries,” he added.


“This is indeed a very important milestone for the project, it signifies the seriousness of the shareholders decision to proceed on the project. This project will boost the developments efforts in Duqm,” said Eng. Hilal Al Kharusi, Deputy Chairman of Duqm Refinery. “The financing of the project has reached an advanced stage and we aim to issue a notice to proceed to contractors very soon,” added Eng. Al Kharusi.

The ceremony was attended by Yahya bin Said bin Abdullah Al Jabri, Chairman of the Special Economic Zone Authority at Duqm, in presence of Eng. Isam bin Saud Al Zadjali, Chief Executive Officer of Oman Oil Company, Eng. Nabil Bourisli and Eng. Hilal Al Kharusi. Also present were ambassadors representing the contractor’s countries of origin, senior officials from Oman Oil Company, Kuwait Petroleum International, the refinery project and EPC contractors.

The Duqm Refinery is being established in the special economic zone of Duqm. It is a project that would synergize the area of Duqm and make it a viable and strategic energy hub in the region.

The first EPC package for building processing units was won by a joint venture of Tecnidas Reunidas and Daewoo Engineering & Construction Co. The second package for developing utilities and offsite facilities was bagged by a joint venture of Petrofac International Limited and Samsung Engineering Co Limited.

Also, the third package for offsite facilities was awarded to a joint venture of Saipem SpA and CB&I.

The initial mobilisation of both Duqm Refinery and the contractor personnel is scheduled to commence in the third quarter of 2018.

Posts: 261
Opinion: No Opinion
Posted: February 15, 2018

PFC - Celebrating success at Suhar

Colleagues working on the Suhar Refinery Improvement Project (SRIP) in Oman were delighted to represent Petrofac at a milestone event to celebrate the completion of the Suhar Refinery facility.

The team were joined by representatives of our client Orpic, our joint venture partner Daelim Industrial Co Ltd, and other partners.

The ceremony marked the completion of the project’s overall performance test on 30 December 2017.

Around 400 people attended the event, including Ahmed Saleh Al-Jahdhami, CEO of Orpic, and Christiaan van der Wouden, COO – both of whom presented a number of awards in recognition of outstanding contribution.

Petrofac’s Project Director, Srikanth Nagaraj, was thrilled to be presented with an “Outstanding Achievement” award from Ahmed Saleh Al- Jahdhami, CEO of Orpic. He said: “This is a very proud moment marking the signing of the overall Performance test. The event has been a wonderful opportunity to get together with some of the key partners who have worked so closely since we were awarded the contract in 2013.”

Located 230 km north west of Muscat, Petrofac’s scope in delivering the project encompassed engineering, procurement, construction, start-up and commissioning services. The contract included building a state of the art refinery and as well as improvements at the existing Refinery.

Now complete, it is anticipated that the facility will increase previous output by more than 70%.

The project’s safety performance was exemplary, achieving more than 53 million man-hours without a lost time incident. The creation of In-Country Value (ICV) was a guiding principle throughout, involving the training and development of Omani nationals and the support of local supply chains.

A video charting the revamping of the facility, including impressive time-lapse sequences and aerial footage can be viewed below:

https://youtu.be/BMUSYnS7cDk

Posts: 261
Opinion: No Opinion
Posted: February 5, 2018

PFC - BOARD UPDATE ON UK SERIOUS FRAUD OFFICE

RNS Number : 8848D
Petrofac Limited
05 February 2018

Press Release

5 February 2018

BOARD UPDATE ON UK SERIOUS FRAUD OFFICE INVESTIGATION

The Board of Petrofac Ltd ("Petrofac") today provides an update on the investigation into the Company by the UK Serious Fraud Office (SFO), announced on 12 May 2017. The investigation is wide ranging in time and scope, and relates to the activities of Petrofac its subsidiaries, and their officers, employees and agents for suspected bribery, corruption, and/or money laundering.

The Company continues to engage with the SFO. This engagement has involved and is expected to continue to involve the interview of Directors of the Company, including the Chairman, Executive Directors and Non-Executive Directors, as well as employees, either under Section 2 of the Criminal Justice Act or under caution. In addition, the Company has provided and will continue to provide relevant documents to the SFO.

No further comment will be made on the basis that this may prejudice an ongoing investigation. We also do not anticipate providing further updates on this matter.

Since the events of last year the Board and management have worked together to ensure safe and reliable delivery for clients and secure new orders, whilst at the same time responding as constructively as possible to the SFO investigation.

Separately, the Company will announce its Full Year results for the year ending 31 December 2017 on 1 March 2018.

Posts: 261
Opinion: Buy
Posted: February 2, 2018

Petrofac hires Bain & Company

Petrofac hires Bain & Company to explore North Sea business

Bain & Company has been hired by British oilfield services company Petrofac to explore options for the group’s North Sea operations. This could include the sale of Petrofac’s North Sea operations, as the firm looks to stabilise itself following corruption allegations and the accruing of high levels of debt.

Petrofac has lost about half its value since May, when the Serious Fraud Office (SFO) commenced an investigation into the company and its units. The organisation has a current market capitalisation of £1.45 billion, amid the UK SFO’s investigations for its dealings with Monaco-based Unaoil, and has been struggling to reduce a $1 billion debt pile. The group also saw its CEO, Ayman Asfari, face down allegations of insider trading in Italy, recently, however UK courts backed the embattled Petrofac boss, ruling that he was not served notice of the charges levelled against him by the Italian authorities.

Oilfield service companies had also been hurt by weak demand in recent months, as subdued oil prices forced exploration and production companies to cut capital expenditure and defer or cancel contracts. In spite of this, Petrofac, which designs, builds, operates and maintains oil and gas facilities, said it secured $5.2 billion in new orders over 2017, and it continued to see a high level of tendering activity in its core markets. The company also claimed its backlog stood at $10.3 billion on November 30 2017, reflecting a recovery in new order intake.

Petrofac is a provider of oilfield services to the international oil and gas industry. It is registered in Jersey, with its main corporate office on Jermyn Street, London. The group has reportedly been mulling the sale of its North Sea operations, amid several charges of corruption across its practices. At the end of 2017, the British press reported that US oilfield services companies Schlumberger and Halliburton, as well as a Middle Eastern company were among those circling Petrofac, with an acquisition bid being values at around 600 pence per share.

In order to weigh up its options, Petrofac has hired Bain & Company. The firm is said to be helping the group explore its options for its North Sea operations – options which include a potential sale. Neither Petrofac or Bain have issued a comment on the hire, although in the case of Bain, it is standard practice for consulting firms not to comment on pending client work.

Posts: 261
Opinion: Strong Buy
Posted: January 24, 2018

Petrofac Limited - PFC Board statement

RNS Number : 7994C
Petrofac Limited
24 January 2018

Press Release

24 January 2018

BOARD STATEMENT

Petrofac Limited ("Petrofac" or "the Company") announces that it has been informed by its Group Chief Executive Ayman Asfari (Mr Asfari) that the UK High Court of Justice has today handed down a judgment that Mr Asfari was not served process in connection with the administrative sanctions made against him by the Italian National Commission for Companies and the Stock Exchange ("CONSOB"), and therefore has ordered that the Certificate of Service relating thereto should be set aside and annulled.

The UK High Court order will be served on CONSOB, who will have seven days following service to apply to set aside or vary the judgment. Mr Asfari continues to refute all of the charges made against him and is engaged in appeal proceedings in Italy.

Rijnhard van Tets, Petrofac's Chairman, said: "The Board has supported Ayman in his defence from the outset and this decision confirms his assertion that due process was not followed. We hope that a swift conclusion will now be reached to prove that in no way did Ayman act improperly."

The Board attaches a personal statement from Mr Asfari in connection with this issue.

Ends

PERSONAL STATEMENT BY AYMAN ASFARI

"I welcome today's ruling from the High Court which confirms, as I have stated from the outset, that I was never served the CONSOB notice of charges against me, and consequently I was never given the chance to defend myself.

"I have always emphatically maintained that I have done nothing wrong. Whilst I am pleased with today's decision by the UK courts, I have also commenced an appeal process in the Italian courts on both the merits and the procedure of the case, in which I have set out my defence and the evidence that supports it, and will continue to pursue vigorously the fair and swift resolution of this issue in full."

Ends

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016

Posts: 261
Opinion: Strong Buy
Posted: January 23, 2018

Petrofac wins North Sea Captain work

Petrofac has landed a North Sea deal for a suite of Chevron’s assets.

The three-year deal includes operations, maintenance and construction personnel across five of Chevron’s North Sea assets – the Captain Wellhead Protector Platform, Captain Floating Production Storage and Offloading vessel, Alba North platform, Alba Floating Storage Unit and the Erskine platform.

Around 85 personnel currently supporting these assets will transfer to Petrofac from multiple organisations at the end of a transition period.

Dave Blackburn, senior vice president, EPS West, said: “We are delighted to have secured this new scope with Chevron in support of its North Sea business. Our offshore labour supply expertise is strong and assured. This award is testament to our ability to provide a tailored, scalable approach to manning services, in pursuit of efficiency.

“We look forward to deploying our expertise and working collaboratively with Chevron and our new team members to effect a safe and seamless transition to operations across these five assets.”

As part of the deal, Petrofac will support and deploy offshore personnel via its dedicated 24/7 Operations Hub, through which all of its labour supply contracts are managed.

The deal follows engineering and construction services work previously agreed between the pair.

Petrofac employs 13,000 people and operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

Posts: 261
Opinion: No Opinion
Posted: January 22, 2018

Ecuador will receive investors for refinery

Ecuador will receive investors for refinery

Between the companies that would arrive at the country the next 30 of January would be Petrofac, of the United Kingdom; Conocophillips, from the United States, and Rosneft, from Russia. President Lenin Moreno confirmed during his visit to Manabí, that on Tuesday, January 30, the Minister of Foreign Trade, Pablo Campaña, and the Minister of Hydrocarbons, Carlos Pérez, will present the El Aromo Pacific Refinery project to investment companies. As already announced last December, among the interested companies were Petrofac from the United Kingdom, Conocophillips from the United States, Rosneft from Russia and others from the United Arab Emirates, South Korea, Japan and China. Each one would have an investment fund. For example, the American company has as possible financiers to Blackstone and Goldman Sachs. The Ecuadorian government plans to build a high conversion plant in the province of Manabi with capacity to process 300,000 barrels of crude oil per day, between 14 and 18 degrees API with a 500 megawatt generation plant. The plant should produce fuels with Euro 5 standard quality. The initiative plans to tender the project under the Construction-Operation-Transfer (BOT) modality. According to Campaña, the idea of ​​this approach is to form a consortium of companies with an attractive management model of direct private investment, without debt, so that they can become partners of Petroecuador. Currently, Petroecuador has a 51% stake in the mixed economy company that manages this project. While, the Venezuelan oil company PDVSA that started with 49% reduced its capital to 15% The current cost of the refinery would be $ 8,000 million. During the previous government it was said that the construction value reached $ 13,000 million. Until 2015, the government of Rafael Correa tried to get a third partner for the project company, "but that option did not materialize," Rafael Poveda, the former Coordinator of Strategic Sectors, said in an interview with this newspaper. Then, Poveda indicated that they were talking with a syndicate of banks led by a Chinese entity to make it concrete as financing for the construction of the plant. The former minister said the loan would have a grace period during the 60 months after construction. In his speech, Moreno referred to the previous government's investment in this project, which is considered fundamental for the country and province of Manabí. "Unfortunately, the last government invested too much money in doing a work that does not cost that amount. Ask Carlos (Pérez), all the companies that want to invest, the moment they are told: 'We have here invested $ 1,500 million and we want to participate in those 1,500 million' ... Companies do not laugh out of courtesy, out of respect, but They tell us: 'There is not $ 1,500 million invested here! Please make an assessment. " Moreno added that another assessment must be made, "hopefully with an international entity, a United Nations entity that makes an assessment and the rest will be charged to the man, who by carelessness or corruption, took the rest of the money," he said. the president from Manabí. ( I ) Data Capacity The Ecuadorian government plans to build a high conversion plant in the province of Manabí with capacity to process 300,000 barrels of crude oil per day, between 14 and 18 degrees API, with a plant of 500 megawatts. 15 percent of the capital of the mixed economy company corresponds to PDVSA. cost The current value of the refinery is $ 8,000 million. The previous government handled costs of $ 13,000 million. ( I )

Posts: 261
Opinion: Strong Buy
Posted: January 8, 2018

Petrofac secures rotating equipment contract with

Petrofac secures rotating equipment contract with Chrysaor

Petrofac has been awarded a Rotating Equipment Management Services contract in support of Chrysaor’s operations in the UKCS.

Under the 12-month agreement, Petrofac will provide fully integrated services across Chrysaor’s Armada, North Everest and Lomond assets in the North Sea.

The new contract expands Petrofac’s existing role on the assets, which were acquired by Chrysaor in November 2017.

A dedicated team of Petrofac engineers and support staff will now provide field service, equipment repairs, material procurement and technical support requirements to ensure operational targets for key rotating equipment are achieved.

Dave Blackburn, Senior Vice President, Engineering and Production Services West, said: “We are delighted to retain our involvement with these assets and to support Chrysaor’s vital investment in the future of the North Sea. We look forward to developing our relationship with them by providing safe and efficient delivery.”

Posts: 261
Opinion: No Opinion
Posted: December 19, 2017

Petrofac migrates Santuario contract in Mexico

RNS Number : 7189Z
Petrofac Limited
19 December 2017

Press Release

19 December 2017

PETROFAC COMPLETES MIGRATION OF SANTUARIO CONTRACT IN MEXICO

Petrofac announces that it has completed the migration of the Santuario Production Enhancement Contract (PEC)1 into an interest in a Production Sharing Contract (PSC)2.

Effective from 18 December 2017, Petrofac will own a 36% equity interest in the PSC, with PEMEX Exploration & Production Mexico (PEMEX) having a 64% interest. The PSC will run for 25 years, with two optional five-year extensions. Petrofac will be Operator of the block and will carry PEMEX's share of cash calls for the first year.

Rob Jewkes, Chief Operating Officer, Integrated Energy Services, commented: "We are pleased to have successfully concluded the migration of the first of our Production Enhancement Contracts. We are committed to unlocking value in the block through a new field development plan in conjunction with our partner PEMEX."

Notes

1. The Santuario Production Enhancement Contract was signed in October 2011. It covers the onshore Santuario block in Tabasco State, central Mexico, which produced an average of c. 7 kboed in 2016.
2. As at 30 June 2017, the net book value of the Santuario PEC was US$260 million. As a result of the migration, Petrofac expects it will incur a small impairment charge.

Posts: 261
Opinion: Strong Buy
Posted: December 15, 2017

Adams Buys Further 78,000 Shares In Petrofac

Adams Buys Further 78,000 Shares In Petrofac For GBP351,317
LONDON (Alliance News) - Adams PLC on Friday said it bought a further 78,000 shares in FTSE 250-listed oil and gas service provider Petrofac Ltd at an average 449.95 pence each for a total GBP351,317.

Posts: 261
Opinion: No Opinion
Posted: December 14, 2017

Petrofac Board changes

RNS Number : 3340Z
Petrofac Limited
14 December 2017

Press Release

14 December 2017

BOARD CHANGES

Petrofac Ltd ("Petrofac" or "the Company") today announces that it has appointed Sara Akbar as a Non-executive Director with effect from 1 January 2018.

Mrs Akbar, who holds a BSc in Chemical Engineering from Kuwait University has more than 30 years' experience in the oil and gas industry. She is founder of and until recently the Chief Executive Officer of Kuwait Energy KSC, which she set up in 2005 to exploit the opportunity for an independent Engineering and Production company in the MENA and Eurasia regions. Prior to that Ms Akbar was New Business Development Manager for Kuwait Foreign Petroleum Exploration Company, and served in various positions in the oil and gas industry in Kuwait and internationally from 1981 to 1999.

As previously announced, Non-executive Director Thomas Thune Andersen will step down from the Board after a seven-year tenure, also effective 1 January 2018.

Petrofac's Chairman Rijnhard van Tets said: "We are delighted to welcome Sara to the Board. She is very well known in the industry both in Kuwait and internationally, and her unique insight into the Middle East, along with her significant operating experience in the region, is a very complementary fit to our existing Board. My fellow Non-executive Directors and I look forward to working with Sara.

"I would also like to record the Board's appreciation to Thomas for his contribution over the past seven years, including his Chairmanship of the Remuneration Committee and membership of the Nominations and Audit committees. We have benefited enormously from his depth of industry knowledge and the level of commitment and support he has given during his tenure."

Ms Akbar said: "I look forward to bringing my detailed knowledge of the MENA region to the Board table to support Petrofac's continued successful execution of its strategy in the region and beyond."

Thomas Thune Andersen said: "I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them success in continuing to deliver Petrofac's strategy."

Committee changes

As a result of the above-noted changes, with effect from 1 January 2018, Matthias Bichsel will become Chairman of the Remuneration Committee. Further changes to Nominations, Remuneration and Audit committees will be advised in due course.

There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.

Posts: 261
Opinion: No Opinion
Posted: December 14, 2017

Petrofac Board changes

RNS Number : 2997Z
Petrofac Limited
14 December 2017

Press Release

14 December 2017

BOARD CHANGES

Petrofac Ltd ("Petrofac" or "the Company") today announces that its Chairman Rijnhard van Tets has notified the Board of his intention to step down from the Board at the May 2018 Annual General Meeting after an 11-year tenure. He will be succeeded upon his departure by current Senior Independent Director René Médori.

Mr van Tets joined the Board in 2007, serving as a Non-executive Director prior to being appointed Chairman in 2014. Mr Médori, who joined as a Non-executive Director in 2012, has recently relinquished his executive role as Finance Director of Anglo American plc.

Mr van Tets said: "After a long tenure I have made the decision to step down at next year's AGM. I would like to thank my fellow Board members for their support, and the Executive Directors for their continued commitment to the business during the past 11 years.

"I am delighted that the Board has been able to appoint an internal candidate of René's calibre. His wide international experience and understanding of multi-national businesses, well-established governance knowledge, and understanding of the regulatory landscape, provides an important level of continuity."

Mr Médori said: "On behalf of the Board I would like to thank Rijnhard for his strong leadership and commitment to Petrofac. His experience through this time has been invaluable. I am delighted to be taking up the role of Chairman next year and excited about the prospect of working with the management team to take the business forward."

The appointment of a new Senior Independent Director will be announced in due course.

Committee changes

As a result of the above-noted changes, further changes to Nominations, Remuneration and Audit committees will be advised in due course.

There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.