AGM Statement

Petrofac Limited
19 May 2006


                                PETROFAC LIMITED
                                  ("Petrofac")

                                 AGM STATEMENT

Petrofac, the international oil & gas facilities service provider, is holding
its annual general meeting at 10.30 am today in London, UK. At the meeting,
Chairman, Rodney Chase, will make the following statement:

"The current year has started strongly with projects in hand progressing well.
With the significant value of contracts awarded towards the end of 2005,
particularly in our Engineering & Construction (E&C) division, our principal
focus has been on mobilising for these projects and on the execution of existing
projects in hand. At the same time, we have been successful in securing a number
of new and strategically important contracts and continue our bid preparation
for selected contracts that are currently scheduled for award in the second half
of 2006 and beyond.

Our E&C division is performing well with strong growth in both our lump sum EPC
and reimbursable engineering services businesses. In the Middle East, a number
of contracts are nearing completion while good progress has been made on our
recent awards in Kuwait and Oman. We are particularly active in the Former
Soviet Union, in Russia with the recently awarded Kovykta project management
contract, and in Kazakhstan with the Kashagan engineering & procurement contract
entering its final stages and the recent award of the related construction
management contract and the award of a significant FEED study for the
Karachaganak fourth train.

In Operations Services, our facilities management and training businesses are
trading well in the buoyant UK oil & gas market with operations support
contracts signed with CNR and Marathon in the UKCS. Internationally, our
training business has secured new awards with BP and Shell in the Gulf of Mexico
and acquired a training capability in Sakhalin Island.

The existing investments held by our Resources division continue to perform in
line with expectations. Development of the Cendor field in Block PM304, offshore
Peninsular Malaysia, is progressing according to the approved field development
plan with the expectation of first oil later this year. Our portfolio of
investments has been enhanced with the acquisition of an operating interest in
the undeveloped West Don field and the increase of our interest in (and becoming
operator of) the previously abandoned Crawford field, both in the UK North Sea.

Overall, with oil & gas markets continuing to support strong demand for our
services and, reflecting the Group's performance during the year to date, we are
increasingly confident with the outlook for the rest of the year. Furthermore,
we believe that our strong focus on project execution and continuing investment
in our service capabilities should yield continued success."


                                     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]

Ben Woodford
Geoff Callow



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