Adams PLC Investment (4208Q)
September 11 2017 - 12:06PM
UK Regulatory
TIDMADA
RNS Number : 4208Q
Adams PLC
11 September 2017
Adams plc
("Adams" or the "Company")
Investment in Petrofac Limited ("Petrofac")
The Directors announce that on 8 September 2017, Adams acquired
a holding of 210,000 ordinary shares of US$0.02 in Petrofac on the
Main Market of the London Stock Exchange at an average price of
447.66 pence per share for a total cash consideration of
GBP941,023. The Company's holding in Petrofac represents 0.06% of
the currently issued ordinary share capital of Petrofac of
345,912,747 shares. Following this investment, the Company will
have cash balances of approximately GBP100,000.
Petrofac is a multinational service provider to the oil and gas
production and processing industry. The company designs, builds,
operates and maintains oil and gas facilities with a focus on
delivering first class project execution, cost control and
effective risk management. Petrofac has a reputation for
commitment, delivery and operational excellence and its service
offering is underpinned by the provision of skills training with
competency development and assurance frameworks.
Petrofac has a 36-year track record and has grown significantly
to become a constituent of the FTSE 250 Index. It has 31 offices
and around 13,500 staff worldwide, comprising more than 80
nationalities.
In the 6 months ended 30 June 2017, Petrofac reported a profit
before exceptional items of US$158 million attributable to Petrofac
shareholders on revenue of US$3.126 billion (year ended 31 December
2016: profit before exceptional items of US$320 million on revenue
of US$7.873 billion). During the 6 months ended 30 June 2017,
Petrofac incurred exceptional costs of US$88 million on mainly the
write down of its interests in the Greater Stella Area development
and which reduced the reported profit after tax attributable to
Petrofac shareholders for that half year to US$70 million (year
ended 31 December 2016: reported profit after tax attributable to
Petrofac shareholders of US$1 million after exceptional costs of
US$319 million on mainly the write down of its investment in Seven
Energy). Petrofac's net assets at 30 June 2017 amounted to US$1.069
billion.
On 12 May 2017 Petrofac announced that the company had been
notified by the Serious Fraud Office that it has commenced an
investigation into Petrofac and its subsidiaries. Petrofac stated
that it believed that this was in connection with the investigation
into Unaoil, which it had engaged for the provision of local
consultancy services primarily in Kazakhstan between 2002 and 2009,
and that it was co-operating fully with the authorities.
Further information on Petrofac is available on the Petrofac
website www.petrofac.com.
Enquiries:
Adams plc
Mike Bretherton Tel: +44 1534 719 761
Nomad
Cairn Financial Advisers
LLP
Sandy Jamieson, James Tel: +44 207 213 0880
Caithie
Broker
Peterhouse Corporate Finance
Limited
Lucy Williams, Duncan Tel: +44 207 469 0930
Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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