Laggan-Tormore Update

RNS Number : 5577X

Petrofac Limited

06 May 2016

 

Press Release

6 May 2016

LAGGAN-TORMORE UPDATE

Petrofac confirms that today it has reached final commercial settlement with its client in respect of the Laggan-Tormore gas plant in the Shetland Isles.

As part of the agreement, our client has informed us that there will be a partial application of Liquidated Damages.

In bringing the project to a conclusion, we now expect to recognise a final charge in the first half of the year of £70 million, principally made up of Liquidated Damages.

Whilst it is clearly disappointing that a portion of Liquidated Damages has been applied, Petrofac is nevertheless satisfied that this brings to an end the project, which has been operating successfully and exporting gas since February this year.  

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For further information contact:

Petrofac Limited                                                                                  [phone]

Jonathan Low, Head of Investor Relations

Jonathan Edwards, Investor Relations Officer

Alison Flynn, Group Head of Communications                                  [phone]

Tulchan Communications Group Ltd                                                 [phone]

Stephen Malthouse

Martin Robinson

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client 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). 

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 clients' needs across the full life cycle of oil & gas assets.

With around 19,000 employees, Petrofac 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.

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

 

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