Petrofac Limited
02 December 2005
PETROFAC LIMITED
On 30 August 2005, Petrofac Resources (Petrofac) announced that it had reached
agreement with Centrica plc (Centrica) to acquire its 23.15% equity interest in
the Hewett Field Unit area in the UK North Sea. The acquisition was subject to
the approval of the Hewett partners and to the consent of the UK Department of
Trade and Industry.
Petrofac has been advised by Centrica that Tullow Oil UK Limited, Eni UK Limited
and Eni LNS Limited have declined to consent to the sale to Petrofac and that
they wish to acquire Centrica's interest on the same terms as negotiated by
Petrofac. Accordingly, the obligations under the sale and purchase agreement
between Centrica and Petrofac have lapsed.
Ends
For further information, please contact:
Petrofac Limited +44 (0) 20 7471 3500
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-Marie Wilkinson
Geoff Callow
Notes to Editors
Petrofac is a leading international provider of facilities solutions to the oil
and gas production and processing industry, with a diverse client portfolio
including many of the world's leading integrated, independent and national oil
and gas companies.
Through its three divisions, Engineering & Construction (E&C), Operations
Services (OS) and Resources, Petrofac designs and builds oil and gas facilities;
operates, maintains or manages facilities and trains personnel; and, where
return criteria are met and service revenue synergies identified, co-invests
with clients and partners. Petrofac's range of services allows it to help meet
its clients' needs across the life cycle of oil and gas assets.
Petrofac operates out of four strategically placed international centres in
Aberdeen, Scotland; Sharjah, UAE; Mumbai, India; and Woking, England, and has a
further 13 offices worldwide, with approximately 5,500 employees.
Petrofac's business is focused on the UK Continental Shelf (UKCS), the Middle
East, North Africa and the Former Soviet Union (FSU). Through both organic
growth and strategic acquisition, Petrofac's engineering, procurement and
construction activities have been complemented with development planning and
early stage engineering services, facilities management and training services
and co-investment.
For additional information, please refer to the Petrofac website at
www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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