Petrofac News 1700X397
06 April 2010

Completion of the Demerger of the UK Continental Shelf Oil & Gas Assets of Petrofac Energy Developments

Petrofac, the international oil & gas facilities service provider, is pleased to announce the completion of its Share Split and the Demerger of Petrofac Energy Developments Limited to EnQuest PLC (“EnQuest”).

EnQuest Shares have now been admitted to the Official List and to trading on the London Stock Exchange's market for listed securities. EnQuest Shares are trading under the ticker "ENQ". The EnQuest Shares are also expected to be admitted to trading on the NASDAQ OMX Stockholm on 9 April 2010.

Petrofac Shares now have a nominal value of US$0.02 each and continue to trade under the ticker "PFC" on the London Stock Exchange's market for listed securities.

The Petrofac B Shares created as part of the Share Split were purchased by Petrofac and cancelled on 5 April 2010. EnQuest Shares have been issued to Petrofac Shareholders in accordance with the terms and procedures set out in Petrofac’s Circular to its shareholders dated 4 March 2010 (the “Circular”).

As anticipated in the Circular, Amjad Bseisu (chief executive officer, EnQuest) has resigned from the Petrofac Board with immediate effect.

Commenting on the completion of the demerger, Ayman Asfari, group chief executive, Petrofac, commented: “I am delighted we have successfully completed the Demerger of our UK Continental Shelf upstream assets and the launch of EnQuest as a listed independent development and production company. The Demerger is an important realisation of our ‘harvest’ strategy and we remain fully committed to our Energy Developments business unit and will continue to pursue value creating investments in oil & gas upstream and energy infrastructure developments.

“As a result of the Demerger Amjad leaves the Petrofac group today. I would like to take this opportunity to thank him for his significant contribution to Petrofac over a number of years and to wish him every success in creating value for EnQuest shareholders going forward.”