Petrofac Limited Extractive Activities: Payments to Governments (0881T)

TIDMPFC

RNS Number : 0881T

Petrofac Limited

29 June 2018

Press Release

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2017.

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 2017 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedules detail the payments made by, or to, Petrofac Limited and its subsidiary undertakings to, or from, 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 2017

 
 
   Malaysia 
                       -----------  ----------  -----------  -----------  ----------- 
 
   Project Report 
                         Taxes(3)         Royalties(2)           Fees        Total 
                       -----------  -----------------------  -----------  ----------- 
                                        Volume        Value 
                                          '000 
                        US$'000(1)        bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                       -----------  ----------  -----------  -----------  ----------- 
 
 PM304                       (587)         180       10,474          487       10,374 
 Berantai                    2,515           -            -            -        2,515 
                       -----------  ----------  -----------  -----------  ----------- 
 2017 Total                  1,928         180       10,474          487       12,889 
 
 
   Government Report 
                          Taxes           Royalties(2)           Fees        Total 
                       -----------  -----------------------  -----------  ----------- 
                                        Volume        Value 
                        US$'000(1)   '000 bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                       -----------  ----------  -----------  -----------  ----------- 
 
 PETRONAS                        -         180       10,474          487       10,961 
 The Inland Revenue 
  Board of Malaysia          1,928           -            -            -        1,928 
                       -----------  ----------  -----------  -----------  ----------- 
 2017 Total                  1,928         180       10,474          487       12,889 
 
 
 
 
   Thailand 
                          -----------  -------  -----------  -----------  ----------- 
 
   Project Report 
                            Taxes(4)         Royalties           Fees        Total 
                          -----------  --------------------  -----------  ----------- 
                                        Volume        Value 
                                          '000 
                           US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                          -----------  -------  -----------  -----------  ----------- 
 
 Jasmine                          125        -            -            -          125 
                          -----------  -------  -----------  -----------  ----------- 
 2017 Total                       125        -            -            -          125 
 
 
   Government Report 
                            Taxes(4)         Royalties           Fees        Total 
                          -----------  --------------------  -----------  ----------- 
                                        Volume        Value 
                                          '000 
                           US$'000(1)     bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                          -----------  -------  -----------  -----------  ----------- 
 
 The Revenue Department 
  of Thailand                     125        -            -            -          125 
                          -----------  -------  -----------  -----------  ----------- 
 2017 Total                       125        -            -            -          125 
 
 
 
 
   Tunisia 
                        -----------  ----------  -----------  -----------  ----------- 
 
   Project Report 
                           Taxes            Royalties             Fees        Total 
                        -----------  -----------------------  -----------  ----------- 
                                         Volume        Value 
                         US$'000(1)   '000 bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                        -----------  ----------  -----------  -----------  ----------- 
 
 Chergui                      1,151           -          661            -        1,812 
 2017 Total                   1,151           -          661            -        1,812 
 
 
   Government Report 
                                                                              Total 
                           Taxes            Royalties             Fees       Payments 
                        -----------  -----------------------  -----------  ----------- 
                                         Volume        Value 
                         US$'000(1)   '000 bbls   US$'000(1)   US$'000(1)   US$'000(1) 
                        -----------  ----------  -----------  -----------  ----------- 
 
 Monsieur le Receveur 
  des Finances 
  du Lac                      1,151           -          661            -        1,812 
                        -----------  ----------  -----------  -----------  ----------- 
 2017 Total                   1,151           -          661            -        1,812 
 
 

Notes:

1. Payments made or received 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 the payment.

3. Taxes with negative values represent receipts, which result from taxes overpaid in prior periods of account. Taxes payments are otherwise shown net of receipts, where relevant.

4. 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 were not directly paid to the government by the Petrofac Group. This approach represents a more complete view of the taxes borne by Petrofac in Thailand.

5. 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.

6. 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]

Alison Flynn, Group Head of Communications

[e-mail]

[phone]

Corporate and Financial PR

Tulchan Communications Group

85 Fleet Street

London EC4Y 1AE

[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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 29, 2018 07:05 ET (11:05 GMT)