REG-Petrofac Limited Petrofac Limited: Petrofac supporting the National Oil Company of Equatorial Guinea

PetrofacAnnouncement

18/04/2024 07:00

============

   Petrofac Limited ( PFC)
   Petrofac Limited: Petrofac supporting the National Oil Company of
   Equatorial Guinea

   18-Apr-2024 / 07:00 GMT/BST

   ══════════════════════════════════════════════════════════════════════════

   Press Release

    

    

    

   18 APRIL 2024

    

                    PETROFAC SUPPORTING NATIONAL OIL COMPANY

                              OF EQUATORIAL GUINEA

    

   Petrofac, a leading provider  of services to  the global energy  industry,
   has today been awarded a Technical Services Contract by Compañía  Nacional
   de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company  of
   Equatorial Guinea, to support the operation of the region’s Block B asset.

   Under the  contract1, valued  at around  US$350 million  over five  years,
   Petrofac will deliver technical services across onshore support bases,  an
   FPSO and a  platform on  behalf of  GEPetrol, the  Operator. The  contract
   draws  on   Asset   Solutions’  core   services,   including   operations,
   maintenance, asset integrity, integrity management, marine services,  well
   engineering, project delivery and supply chain services.

   This follows Petrofac’s  initial scope  supporting the  transition of  the
   asset from Mobil Equatorial Guinea  Inc (MEGI). Valuing local  capability,
   staff and  contractors that  were  previously in  place will  continue  in
   various roles, retaining valuable expertise  and knowledge of the  assets.
   Petrofac will manage the contract from Malabo, supplementing support  from
   its technical  hub in  Aberdeen,  UK, sharing  its extensive  Duty  Holder
   expertise.

   Nick Shorten,  Chief  Operating  Officer  of  Petrofac’s  Asset  Solutions
   business commented:

   “We look forward  to developing  our relationship  with GEPetrol  further,
   collaborating to extend the life of the field to build a legacy of  energy
   independence and sustainable growth for Equatorial Guinea.

    

   “This award is an excellent example of our strategy in action: selectively
   growing our geographic footprint and driving value for our clients through
   late life asset optimisation.

    

   “Africa is a key focus for our Asset Solutions business and we are pleased
   to build  on  our  operations  in  Ivory  Coast,  Ghana  and  Senegal  and
   Mauritania with this opportunity in Equatorial Guinea.”

    

   Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons
   added: “Our vision is  to create a  fully capable nationally-operated  oil
   and gas company to manage our assets. Today, I am proud that our vision is
   becoming a reality.

    

   “We will grow our economy  through diverse partnerships and investment  in
   our people. Combining our strong indigenous capabilities, with  Petrofac’s
   global expertise and experience, we will deliver significant value for our
   country.”

    

   Teresa  Isabel  Nnang  Avomo,  Director  General  of  GEPetrol  commented:
   “Today’s contract signing marks a key milestone in our journey to becoming
   Operator of Block B on 1 June 2024.

    

   “We are excited to  grow our partnership with  Petrofac. By unlocking  the
   huge potential of our  indigenous national workforce,  we will build  with
   Petrofac’s assistance, an  organisation for the  long-term management  and
   development of our country’s oil and gas assets.” 

    

   For the  latest update  on Petrofac’s  review of  strategic and  financial
   options, please refer to the Group’s announcement dated 12 April 2024.

    

   NOTES

    

    1. The effectiveness of the contract is subject to the satisfaction to  a
       number  of  conditions  precedent,   including  in  relation  to   the
       completion of transition arrangements  with MEGI and Governmental  and
       legislative approvals in Equatorial Guinea. Petrofac expects to make a
       further announcement when  these have been  fulfilled, at which  point
       this contract  will  be  added  to the  Asset  Solutions  backlog.  No
       performance guarantees are required to  be posted in relation to  this
       contract.

    

    

   ENDS

    

   For further information contact:

    

   Petrofac:

   James Boothroyd, Head of Investor Relations

    1 James.boothroyd@petrofac.com

    

   Sophie Reid, Group Director of Communications and Culture

    2 Sophie.reid@petrofac.com

    

   Teneo (for Petrofac):

   +44 (0) 207 353 4200

    3 petrofac@teneo.com

    

    

   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  four
   values -  driven,  agile,  respectful and  open  -  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 8,500  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
    4 www.petrofac.com

   ══════════════════════════════════════════════════════════════════════════

   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          GB00B0H2K534
   Category Code: STR - Petrofac
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  316309
   EQS News ID:   1883197


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    5 fncls.ssp?fn=show_t_gif&application_id=1883197&application_name=news&site_id=refinitiv2

References

   Visible links
   1. mailto:James.boothroyd@petrofac.com
   2. mailto:Sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=1883197&site_id=refinitiv2&application_name=news


============