Acquisition of Eclipse Petrol

RNS Number : 8675Z

Petrofac Limited

25 July 2008

 

PETROFAC LIMITED

PETROFAC ACQUIRES PRODUCTION ENGINEERING SPECIALIST 

Petrofac, the international oil & gas facilities service provider, confirms that it has acquired Eclipse Petroleum Technology Limited ("Eclipse") from Eclipse's management, a specialist production engineering company, for an initial consideration of £7 million, comprised of £6 million in cash and £1 million to be satisfied with 158,177 Ordinary Shares which vest in two years' time. Further consideration in cash and shares will be determined by the level of future profitability and in no event will exceed an aggregate total of £16 million.

Eclipse, founded in 1999, now has approximately 50 employees operating from five offices worldwide, comprising: Aberdeen, London, Stavanger, Houston and Dubai. Its life-of-field services include; field development, production modelling and optimisation, well life cycle risk management and petroleum engineering functional consulting.

Eclipse will form part of Petrofac Facilities Management and creates production engineering capability in the business enabling Petrofac to take greater responsibility for production operations activities.

Note

Once the shares are capable of vesting in two years' time and should the initial share consideration be satisfied by the issue of new shares, application will be made to the UK Listing Authority of the FSA for the admission of the 158,177 new ordinary shares of $0.025 each in Petrofac Limited, to the Official List and to trading on the London Stock Exchange. A further announcement will be made at that time. Any new ordinary shares, each fully paid, will rank pari passu with the existing ordinary shares. 

Ends

For further information contact:

Petrofac Limited                                        [phone]

Keith Roberts, Chief Financial Officer

Jonathan Low, Head of Investor Relations

Bell Pottinger Corporate & Financial            [phone]

Charles Cook

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.  

Through its three divisions, Engineering & Construction, Operations Services and Energy Developments, Petrofac designs and builds oil & gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with customers and partners. Petrofac's range of services allows it to help meet its customers' needs across the life cycle of oil & gas assets.

With more than 10,000 employees, Petrofac operates out of four strategically located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a further 20 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.

 

END

 

 

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