Petrofac Limited Berantai RSC - agreement with PETRONAS (7740D)
July 11 2016 - 2:00AM
UK Regulatory
TIDMPFC
RNS Number : 7740D
Petrofac Limited
11 July 2016
Press Release
11 July 2016
PRESS RELEASE
BERANTAI RSC - AGREEMENT WITH PETRONAS
Petrofac today announces that Petrofac Energy Developments Sdn
Bhd and its partners, Kencana Energy Sdn Bhd and Sapura Energy
Ventures Sdn Bhd, have reached mutual agreement with PETRONAS for
the cessation of the Berantai Risk Service Contract (RSC).
With the cessation of the RSC, which will be effective on 30
September 2016, PETRONAS will reimburse the balance of outstanding
capital and operational expenditures to Petrofac(1)(3) and its
partners over the period to June 2017. As part of the arrangement
the ownership of the Berantai FPSO will be transferred to
PETRONAS(2)(3) .
The Berantai RSC was the first RSC awarded by PETRONAS to
Petrofac Energy Developments Sdn Bhd and its two local partners on
31 January 2011. Since then it has co-invested in the development
of the Berantai field and been responsible for its operation and
maintenance. Petrofac will use the cash proceeds for general
corporate purposes.
Notes
(1) As disclosed in note 16 of Petrofac's 2015 Annual Report and
Accounts (page 148), the receivable due under the Berantai RSC was
US$357 million as at 31 December 2015. The gross assets as at 31
December 2015 were US$536 million which includes Petrofac's and
First Reserve's proportion of the FPSO. Profits attributable to the
field during the year ending 31 December 2015 were US$1 million. As
part of the original agreement, PETRONAS could elect to end the RSC
early, ahead of the scheduled end date of 2020, depending upon the
economics of the project.
(2) The Berantai FPSO is owned by Berantai Floating Production
Limited in which Petrofac has an indirect interest through
PetroFirst Infrastructure Limited.
(3) As a result of the cessation of the RSC and the FPSO
transaction, Petrofac will incur a small impairment charge
Ends
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Jonathan Edwards, Investor Relations Officer
jonathan.edwards@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Stephen Malthouse
Martin Robinson
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
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 19,000 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 company news service from the London Stock Exchange
END
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