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Petrofac To Proceed With Initial Public Offering On LSE

Petrofac LogoPetrofac is to proceed with an initial public offering of its shares (the Offer) to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.

The listing will be achieved by way of a placing with institutional investors in the United Kingdom and to certain institutional investors in the rest of the world.

Overview of Petrofac

Petrofac is a leading international provider of facilities solutions to the oil and gas production and processing industry

::  It has a diverse client portfolio which includes many of the world's leading integrated, independent and national oil and gas companies

::  In the year ended 31 December 2004, from continuing operations, Petrofac's total revenue was US$951.5 million with a net profit attributable to shareholders of US$46.1 million

::  In the six months ended 30 June 2005, from continuing operations, Petrofac's total revenue was US$692.4 million with a net profit attributable to shareholders of $36.4 million. At 30 June 2005, Petrofac's revenue backlog stood at US$2.5 billion

::  The business comprises three divisions: Engineering & Construction (E&C), Operations Services (OS) and Resources, through which 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 full life cycle of oil and gas assets

::  Petrofac operates out of four strategically placed international centres in Aberdeen, Scotland; Sharjah, UAE; Mumbai, India; and Woking, England, and has 13 other offices worldwide, with approximately 5,500 employees

::  Petrofac is committed to high health, safety and environmental standards across all of its operations

::  Credit Suisse First Boston is the sponsor and global co-ordinator. Credit Suisse First Boston and Lehman Brothers are lead managers and joint bookrunners. JPMorgan Cazenove and Shuaa Capital will be co-lead managers to the offer

Summary of the Offer

The Offer will comprise a secondary offer of existing ordinary shares by certain selling shareholders.

Commenting on the IPO, Ayman Asfari, Group Chief Executive of Petrofac, said: "We are delighted to make this announcement today which is a major milestone in our development and the next step in the evolution of Petrofac.

"Our goal is to generate sustainable growth in value for Petrofac's shareholders by being a leading international provider of facilities solutions to the oil and gas industry, delivering world-class project development, project management, engineering, procurement, construction, operations, maintenance and training services.

"The world has a growing demand for oil and gas and the challenge today is to build, operate and maintain the processing facilities and infrastructure necessary to help meet this need. This is what we do and the reason why we are seeing such growth across all our businesses."

Chairman, Rodney Chase, added:

"Petrofac is a genuinely international business operating at the heart of one of the world's key strategic industries. It has an experienced and successful management team and a clear and compelling growth strategy."

This article is not a prospectus but an advertisement. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus to be issued in due course.

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Posted 05/09/05


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