Petrofac Limited Report on Payments to Govts (2164R)

TIDMPFC

RNS Number : 2164R

Petrofac Limited

26 June 2020

Press Release

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2019.

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 2019 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 and Thailand in relation to operating oil and gas fields to which the business had an interest during the reporting period:

Year ended 31 December 2019

 
 
   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                          -          145       10,155          424       10,579 
 2019 Total                     -          145       10,155          424       10,579 
 
 
   Government Report 
                        Taxes            Royalties(2)            Fees        Total 
                    ------------   ------------------------  -----------  ----------- 
                                    Volume Value 
                      US$'000(1)    '000 bbls    US$'000(1)   US$'000(1)   US$'000(1) 
                    ------------   -----------  -----------  -----------  ----------- 
 
 PETRONAS                 -            145         10,155        424         10,579 
 2019 Total               -            145         10,155        424         10,579 
 
 
 
 
   Mexico 
                         ---------   -------  --------  --------  -------- 
 
   Project Report 
                           Taxes         Royalties        Fees      Total 
                         ---------   -----------------  --------  -------- 
                                      Volume     Value 
                                        '000 
                           US$'000      bbls   US$'000   US$'000   US$'000 
                         ---------   -------  --------  --------  -------- 
 
 Petrofac Mexico                  -      434    18,907         -    18,907 
                         ----------  -------  --------  --------  -------- 
 2019 Total                       -      434    18,907         -    18,907 
 
 
   Government Report 
                           Taxes         Royalties        Fees      Total 
                         ---------   -----------------  --------  -------- 
                                      Volume     Value 
                                        '000 
                           US$'000      bbls   US$'000   US$'000   US$'000 
                         ---------   -------  --------  --------  -------- 
 
 National Hydrocarbons 
  Commission                      -      434    18,907         -    18,907 
                         ----------  -------  --------  --------  -------- 
 2019 Total                       -      434    18,907         -    18,907 
 
 
 
 
   Thailand 
                          -----------  -------  --------  --------  ----------- 
 
   Project Report 
                            Taxes(3)       Royalties        Fees       Total 
                          -----------  -----------------  --------  ----------- 
                                        Volume     Value 
                                          '000 
                           US$'000(1)     bbls   US$'000   US$'000   US$'000(1) 
                          -----------  -------  --------  --------  ----------- 
 
 Jasmine                        1,064        -         -         -        1,064 
                          -----------  -------  --------  --------  ----------- 
 2019 Total                     1,064        -         -         -        1,064 
 
 
   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                   1,064        -         -         -        1,064 
                          -----------  -------  --------  --------  ----------- 
 2019 Total                     1,064        -         -         -        1,064 
 
 

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 Yarr, 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 energy industry, with a diverse client portfolio including many of the world's leading energy companies. Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our six values - safe; ethical; innovative; responsive; quality & cost conscious; driven to deliver - are at the heart of everything we do.

Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 11,500 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC).

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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