Investment in Oil Field

Petrofac Limited
18 December 2006


                                PETROFAC LIMITED
                     
                       INVESTMENT IN UK NORTH SEA INTEREST

Petrofac, the international oil & gas facilities service provider, announces
that its Resources division has acquired a 60% interest in part of Block 211/18a
in the UK North Sea containing the Don Southwest discovery. Petrofac has been
approved as the licence operator of the interest.

Petrofac has acquired the interest from BP and ConocoPhillips alongside Don
Development Company Limited, a subsidiary of Valiant Petroleum, which has
acquired the remaining 40% interest. Petrofac also has a 50% interest in the
adjoining Block 211/18c, awarded in the 23rd Licensing Round, in which Valiant
Petroleum holds the remaining 50%. The future development opportunities of these
two interests will be quantified through a remapping exercise across both areas
using recently reprocessed seismic data. The Don Southwest area of 211/18a
contains a number of wells which have been tested and produced in the Brent
Formation.

Amjad Bseisu, Chief Executive of Petrofac Resources, commented: "The Don
Southwest acquisition is ideal for Petrofac from a size and location perspective
and establishes the 211 area as core for Petrofac. As operator and development
partner, we will look to draw on the expertise of our Engineering & Construction
and Operations Services divisions with a view to developing the field. As with
the West Don area, the export options which are currently under investigation
include operating as a satellite tieback to the Thistle platform (where our
Operations Services division provides turnkey facilities management services) or
to the Murchison and Magnus production facilities."

                                      Ends

For further information, please contact:

Petrofac Limited                             [phone]
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations

Bell Pottinger Corporate & Financial         [phone]
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.

With approximately 8,000 employees, Petrofac operates out of four strategically
located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a
further 13 offices worldwide.  The predominant focus of Petrofac's business is
on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of
Independent States (CIS) and the Asia Pacific region.

For additional information, please refer to the Petrofac website at
www.petrofac.com.




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