Zamil and Petrofac establish

RNS Number : 9578C

Petrofac Limited

24 November 2009

 



24 November 2009 

PETROFAC LIMITED

ZAMIL GROUP AND PETROFAC ESTABLISH NEW JOINT VENTURE IN SAUDI ARABIA

Petrofac, the international oil & gas facilities service provider, has established a Joint Venture agreement with Zamil Group Holding Company to create and operate a new service centre facility in the Kingdom of Saudi Arabia.

The Joint Venture Company (the "Company"), will be a limited liability company, owned and operated equally by Petrofac and Zamil with each partner making an initial cash investment of 2,000,000 SAR (c. US$530,000).  Limited additional investment in plant and equipment may be necessary and will be met equally by the partners.

The Company is expected to begin trading in early 2010. Petrofac's interests in the new venture will be overseen by its mechanical services operation, part of the Offshore Engineering & Operations business, which already operates similar facilities in the United Arab Emirates.

The service centre will provide a range of capabilities covering oilfield and process plant equipment. The activities will include the overhaul, maintenance and repair for process equipment as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support.

The alliance with the Zamil Group enables Petrofac to create a platform for the delivery of essential equipment maintenance and reconditioning services in Kingdom, and underlines the group's commitment to having a long-term presence in Saudi Arabia.

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For further information contact:

Bell Pottinger Corporate & Financial                [phone]

Victoria Geoghegan

Olly Scott

Notes to Editors

Petrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer 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) and is a constituent of the FTSE 100 Index.  

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.

Through these businesses 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 customers' needs across the full life cycle of oil & gas assets.

With more than 11,000 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, 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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