Petrofac Limited Report on Payments to Governments (8116D)

TIDMPFC

RNS Number : 8116D

Petrofac Limited

28 June 2019

Press Release

28 June 2019

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2018.

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 2018 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, Mexico, 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 2018

 
 
   Malaysia 
                       ------------  ---  -------------  -------------  ----  -----------  ---  ----------- 
 
   Project Report 
                           Taxes                  Royalties(2)                    Fees             Total 
                       ------------  ---  ----------------------------  ----  -----------  ---  ----------- 
                                                 Volume          Value 
                         US$'000(1)           '000 bbls     US$'000(1)         US$'000(1)        US$'000(1) 
                       ------------       -------------  -------------        -----------       ----------- 
 
 PM304                                 -            144         10,757                520            11,277 
 2018 Total                            -            144         10,757                520            11,277 
 
 
   Government Report 
                           Taxes           Royalties(2)                           Fees             Total 
                       ------------  ---  -------------      ---------------  -----------  ---  ----------- 
                                           Volume Value 
                         US$'000(1)        '000 bbls        US$'000(1)         US$'000(1)        US$'000(1) 
                       ------------       -------------  -------------        -----------       ----------- 
 
 PETRONAS                      -               144           10,757               520              11,277 
 2018 Total                    -               144           10,757               520              11,277 
 
 
 
 
 
 
 
   Mexico 
                         ---------   -------  --------  --------  -------- 
 
   Project Report 
                           Taxes         Royalties        Fees      Total 
                         ---------   -----------------  --------  -------- 
                                      Volume     Value 
                                        '000 
                           US$'000      bbls   US$'000   US$'000   US$'000 
                         ---------   -------  --------  --------  -------- 
 
 Petrofac Mexico                  -      312    15,557         -    15,557 
                         ----------  -------  --------  --------  -------- 
 2018 Total                       -      312    15,557         -    15,557 
 
 
   Government Report 
                           Taxes         Royalties        Fees      Total 
                         ---------   -----------------  --------  -------- 
                                      Volume     Value 
                                        '000 
                           US$'000      bbls   US$'000   US$'000   US$'000 
                         ---------   -------  --------  --------  -------- 
 
 National Hydrocarbons 
  Commission                      -      312    15,557         -    15,557 
                         ----------  -------  --------  --------  -------- 
 2018 Total                       -      312    15,557         -    15,557 
 
 
 
 
   Thailand 
                          -----------  -------  --------  --------  ----------- 
 
   Project Report 
                            Taxes(3)       Royalties        Fees       Total 
                          -----------  -----------------  --------  ----------- 
                                        Volume     Value 
                                          '000 
                           US$'000(1)     bbls   US$'000   US$'000   US$'000(1) 
                          -----------  -------  --------  --------  ----------- 
 
 Jasmine                          844        -         -         -          844 
                          -----------  -------  --------  --------  ----------- 
 2018 Total                       844        -         -         -          844 
 
 
   Government Report 
                            Taxes(3)       Royalties        Fees       Total 
                          -----------  -----------------  --------  ----------- 
                                        Volume     Value 
                                          '000 
                           US$'000(1)     bbls   US$'000   US$'000   US$'000(1) 
                          -----------  -------  --------  --------  ----------- 
 
 The Revenue Department 
  of Thailand                     844        -         -         -          844 
                          -----------  -------  --------  --------  ----------- 
 2018 Total                       844        -         -         -          844 
 
 
 
 
   Tunisia 
                        ------------------  ----------  -----------  --------  ----------- 
 
   Project Report 
                               Taxes               Royalties           Fees       Total 
                        ------------------  -----------------------  --------  ----------- 
                                                Volume        Value 
                                US$'000(1)   '000 bbls   US$'000(1)   US$'000   US$'000(1) 
                        ------------------  ----------  -----------  --------  ----------- 
 
 Chergui                             2,528           -          274         -        2,802 
 2018 Total                          2,528           -          274         -        2,802 
 
 
   Government Report 
                                                                                  Total 
                               Taxes               Royalties           Fees      Payments 
                        ------------------  -----------------------  --------  ----------- 
                                                Volume        Value 
                                US$'000(1)   '000 bbls      US$'000   US$'000   US$'000(1) 
                        ------------------  ----------  -----------  --------  ----------- 
 
 Direction des 
  Grandes Entreprises                2,528           -          274         -        2,802 
                        ------------------  ----------  -----------  --------  ----------- 
 2018 Total                          2,528           -          274         -        2,802 
 
 

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 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.

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]

Aaron Clark, Investor Relations & Communications Manager

[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 11,500 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.

END

PGRFPMPTMBATMBL

(END) Dow Jones Newswires

June 28, 2019 04:56 ET (08:56 GMT)