Petrofac Limited Report on Payments to Govts (8049J)

TIDMPFC

RNS Number : 8049J

Petrofac Limited

30 June 2017

Press Release

30 June 2017

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2016.

Petrofac today provides information in accordance with DTR 4.3A of the Financial Conduct Authority's Disclosure Rules and Transparency Rules in respect of payments made by the Company to governments for the year ended 31 December 2016 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedules detail the payments made by Petrofac Limited and its subsidiary undertakings to the governments of Malaysia, Thailand and Tunisia in relation to operating oil and gas fields to which the business had an interest during the reporting period:

Year ended 31 December 2016

 
 Malaysia 
----------------  -----------  -------  -----------  -----------  ----------- 
 Project Report 
                     Taxes         Royalties(2)          Fees        Total 
                  -----------  --------------------  -----------  ----------- 
                                Volume        Value 
                                  '000 
                   US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                  -----------  -------  -----------  -----------  ----------- 
 
 PM304                      -      188       10,156          474       10,630 
 Berantai               8,653        -            -            -        8,653 
                  -----------  -------  -----------  -----------  ----------- 
 2016 Total             8,653      188       10,156          474       19,283 
 
 Government 
  Report 
                     Taxes         Royalties(2)          Fees        Total 
                  -----------  --------------------  -----------  ----------- 
                                Volume        Value 
                                  '000 
                   US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                  -----------  -------  -----------  -----------  ----------- 
 
 Inland Revenue 
  Board                 8,653        -            -            -        8,653 
 PETRONAS                   -      188       10,156          474       10,630 
                  -----------  -------  -----------  -----------  ----------- 
 2016 Total             8,653      188       10,156          474       19,283 
 
 
 
 
 Thailand 
--------------------  -----------  -------  -----------  -----------  ----------- 
 Project Report 
                        Taxes(3)       Royalties(2)          Fees        Total 
                      -----------  --------------------  -----------  ----------- 
                                    Volume        Value 
                                      '000 
                       US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                      -----------  -------  -----------  -----------  ----------- 
 
 Jasmine                      720        -            -            -          720 
                      -----------  -------  -----------  -----------  ----------- 
 2016 Total                   720        -            -            -          720 
 
 Government 
  Report 
                        Taxes(3)       Royalties(2)          Fees        Total 
                      -----------  --------------------  -----------  ----------- 
                                    Volume        Value 
                                      '000 
                       US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                      -----------  -------  -----------  -----------  ----------- 
 
 Revenue Department           720        -            -            -          720 
                      -----------  -------  -----------  -----------  ----------- 
 2016 Total                   720        -            -            -          720 
 
 
 
 Tunisia 
------------------------  -----------  -------  -----------  -----------  ----------- 
 Project Report 
                             Taxes         Royalties(2)          Fees        Total 
                          -----------  --------------------  -----------  ----------- 
                                        Volume        Value 
                                          '000 
                           US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                          -----------  -------  -----------  -----------  ----------- 
 
 Chergui                          167      0.2            9            -          176 
 2016 Total                       167      0.2            9            -          176 
 
 Government 
  Report 
                                                                             Total 
                             Taxes         Royalties(2)          Fees       Payments 
                          -----------  --------------------  -----------  ----------- 
                                        Volume        Value 
                                          '000 
                           US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                          -----------  -------  -----------  -----------  ----------- 
 
 L'Entreprise 
  Tunisienne 
  d'Activités 
  Pétrolières             -      0.2            9            -            9 
 Monsieur le 
  Receveur des 
  Finances du 
  Lac                             167        -          146            -          167 
                          -----------  -------  -----------  -----------  ----------- 
 2016 Total                       167      0.2          155            -          176 
 
 

Notes:

   1.   Payments made in local currencies are translated at the average exchange rate for the year. 

2. Certain royalty payments are made in kind, the value of which is calculated with reference to market rates at the time of payment.

3. Taxes withheld from income earned by the Petrofac Group have been included within the amounts listed as "Taxes" in the tables shown above, despite the fact that the amounts withheld weren't directly paid to the government by the Petrofac Group. This approach represents a more complete view of the taxes borne by Petrofac in Thailand. The adoption of this approach would have illustrated taxes paid in Thailand per our 2015 report of $0.9m.

4. In line with the UK Regulations, where a payment or a series or related payments have not exceeded GBP86,000, they have not been disclosed

5. No other businesses within the Petrofac Group are impacted by this legislation and its reporting requirements.

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

NOTES TO EDITORS

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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June 30, 2017 11:26 ET (15:26 GMT)