Petrofac Limited Disposal of Chergui Asset (8790S)

TIDMPFC

RNS Number : 8790S

Petrofac Limited

28 June 2018

Press Release

28 June 2018

DISPOSAL OF CHERGUI ASSET

Petrofac announces that it has agreed the sale of its entire 45% interest in the Chergui asset in Tunisia to Perenco. This sale marks another milestone in the Group's strategy to transition back to a capital light business model by divesting non-core assets and follows the recent disposal of the JSD6000 offshore pipelaying vessel project.

All Chergui employees will transfer to Perenco as part of the transaction, which is expected to conclude before the end of the year. Petrofac is expected to book a small gain on the transaction.

Chief Financial Officer Alastair Cochran said: "This transaction demonstrates we are delivering on our clear strategy of focusing on our core and reducing capital intensity."

Ends

For further information contact:

Petrofac Limited

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Alison Flynn, Group Head of Communications

[e-mail]

[phone]

Tulchan Communications Group

[phone]

[e-mail]

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 12,500 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

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June 28, 2018 03:47 ET (07:47 GMT)