Trading Statement

Petrofac Limited
18 December 2006


                                PETROFAC LIMITED
                                 
                                 TRADING UPDATE

Petrofac, the international oil & gas facilities service provider, issues the
following pre-close trading update ahead of the announcement of its audited
results for the year ending 31 December 2006, expected to be on 5 March 2007.

Petrofac is pleased to confirm that good progress in the Group's performance has
continued during the second half of the year with a particularly strong
contribution from our Engineering & Construction (E&C) division and the
successful start-up of production from the Cendor field, offshore Malaysia. As a
consequence, the Board anticipates that, in the absence of unforeseen
circumstances, the Group's net profit for 2006 will be towards the top end of
current market expectations (see note below).

In the second half of the year, our E&C division secured major new EPC awards in
Egypt and Tunisia which will enable us to develop our capabilities in two
important new geographic markets. These awards, together with existing backlog
from contracts already in progress, substantially underpin our E&C revenue
targets for 2007.

In August, our Operations Services (OS) division announced that it had been
awarded a turnkey contract for well and facilities management of Dubai's
offshore oil and gas assets on behalf of Dubai Petroleum Establishment, an
entity wholly owned by the Government of Dubai. This contract, which comes into
full operation in April 2007, is believed to represent the first time a national
government entity has chosen to exploit its hydrocarbon resources through direct
contracting with an international service provider.

In September, our Resources division announced the milestone of achieving first
oil from the Cendor field, Block PM304, in which we hold a 30% operated
interest. With the initial drilling programme now complete, the Cendor field is
currently producing, on average, approximately 14,000 barrels of oil per day,
ahead of initial expectations. More recently the division announced two new
investments in Tunisia and the UK North Sea. Subject to certain government
approvals, we will acquire a 45% operated interest in Tunisia's Chergui
concession, where construction of the production facilities and associated
pipeline is already underway, with production expected to commence before the
end of 2007. As announced earlier today, we have acquired a 60% operated
interest in the Don Southwest field within Block 211/18a in the UK North Sea,
building on our existing interests in the area (comprising interests in the West
Don field, which is also part of Block 211/18a, and Block 211/18c).

As at 31 December 2006, total backlog is expected to be at a record level of
approximately USD 4.0 billion (30 June 2006: USD 3.3 billion; 31 December 2005:
USD 3.2 billion) comprising approximately USD 2.1 billion from our E&C division
(30 June 2006: USD 1.6 billion; 31 December 2005: USD 2.1 billion) and
approximately USD 1.9 billion from our OS division (30 June 2006: USD 1.7
billion; 31 December 2005: USD 1.1 billion).

Ayman Asfari, Group Chief Executive of Petrofac, commented: "We are very pleased
with the way the business has progressed over the year and we continue to see
good demand for our services. Our rigorous focus on project execution and risk
management, combined with our strong order book, positions us well for further
growth in the coming financial year."

Note:

The current market expectations for Petrofac's net profit for the year ending
31 December 2006, referred to earlier in this announcement, are based on
forecasts provided to Petrofac by eight equity analysts since publication of the
Group's interim results in September 2006. The range of those forecasts is from
USD 96.7 million to USD 120.3 million.
                                     
                                      Ends

For further information, 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

Definition of backlog

Backlog consists of the estimated revenue attributable to the uncompleted
portion of lump sum engineering, procurement and construction contracts and
variation orders plus, with regard to engineering services and facilities
management contracts, the estimated revenue attributable to the lesser of the
remaining term of the contract and, in the case of life of field facilities
management contracts, five years. To the extent work advances on these
contracts, revenue is recognised and removed from the backlog. Where contracts
extend beyond five years, the backlog relating thereto is added to the backlog
on a rolling monthly basis.

Backlog includes only the revenue attributable to signed contracts for which all
pre-conditions to entry have been met and only the proportionate share of joint
venture contracts that is attributable to Petrofac. Backlog does not include any
revenue expected to arise from contracts where the client has no commitment to
draw upon services from Petrofac.

Backlog is not an audited measure. Other companies in the oil and gas industry
may calculate these measures differently.

Petrofac

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. Petrofac is quoted on the London Stock Exchange (symbol: PFC)
and is a constituent of the FTSE 250 Index.

Through its three divisions, Engineering & Construction, Operations Services 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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