Petrofac Limited Petrofac Awarded Duqm Refinery Project (1614N)

TIDMPFC

RNS Number : 1614N

Petrofac Limited

04 August 2017

Press Release

4 August 2017

PETROFAC AWARDED DUQM REFINERY PROJECT

Petrofac, in a 50/50 joint venture with Samsung Engineering, has received notification of intent to award a contract worth approximately US$2 billion with Duqm Refinery and Petrochemical Industries LLC (DRPIC) in the southern part of Oman.

Work on the 47-month project will commence shortly, subject to financial closure and full notice to proceed from DRPIC. Petrofac's and Samsung's scope of work includes engineering, procurement, construction, commissioning, training and start-up operations for all the utilities and offsites at Duqm.

A strategic investment for the Sultanate of Oman, and forming the cornerstone of the Duqm Special Economic Zone, the development occupies more than 2,000 acres and, when completed, will have a refining capacity of approximately 230,000 barrels of oil per day.

E Sathyanarayanan, Group Managing Director, Engineering & Construction, commented:

"This significant project represents our twelfth in the country and serves to reinforce Petrofac's commitment to one of our core markets; one in which we have been present since 1988. Furthermore, it provides a valuable opportunity for us to continue to increase in-country value through engaging with the local supply chain and recruitment of local resources.

"We are very much looking forward to working with Samsung on this project and growing our relationship with DRPIC."

Ends

For further information contact:

Petrofac Limited

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Jonathan Edwards, Investor Relations Manager

[e-mail]

Alison Flynn, Group Head of Communications

[e-mail]

[phone]

Tulchan Communications Group

[phone]

[e-mail]

Andrew Grant

Martin Robinson

LEI 2138004624W8CKCSJ177

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

NOTES TO EDITORS

About Duqm

Located in the Al-Wusta Governorate on the west coast of the Sultanate along the Arabian Sea, Duqm is located approximately 600 kilometres south of Muscat.

Duqm has been designated as Oman's next industrial centre - to be known as the Duqm Special Economic Zone - with investments of up to US$15 billion earmarked for petrochemicals and infrastructure development over the next 15 years. Occupying a land area of 1,745 km(2) and 70 km of coastline along the Arabian Sea, the Duqm Special Economic Zone will be one of the largest developments of its kind in the Middle East and North Africa.

Significant investments have already been made in Duqm's infrastructure, including a new international airport, a new dry dock/quay, hotels and dual carriage roads. Further projects currently under execution include residential and tourist projects and a fishery harbour.

www.duqmrefinery.om

Petrofac

Petrofac is a leading international service provider 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).

Petrofac designs and builds oil and 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 clients' needs across the full life cycle of oil and gas assets.

With around 13,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 04, 2017 06:10 ET (10:10 GMT)