Petrofac Consortium Awarded $3.7B Abu Dhabi Contract

Thursday, Apr 11, 2013

LONDON--Petrofac Ltd (PFC.LN), said Thursday a consortium including its Petrofac Emirates joint venture company has been awarded a $3.7 billion contract by Zakum Development Company for the Upper Zakum, UZ750 field development in Abu Dhabi, of Petrofac Emirates' share is $2.9 billion.

MAIN FACTS:

-The contract has been secured by Petrofac Emirates in consortium with Daewoo Shipbuilding & Marine Engineering Co Ltd.

-The project comprises engineering, procurement, construction transportation and commissioning of island surface facilities (EPC-2) on four artificial islands.

-These facilities will commence operations during 2016.

-Zakum Development Company is an Abu Dhabi National Oil Company subsidiary in which ExxonMobil and Japan Oil Development Company are other Shareholders.

-Petrofac shares at 0938 GMT traded up 46.0 pence, or 3.3%, at GBP14.80, valuing the company at GBP4.95 billion.

-Write to Razak Musah Baba at razak.baba@dowjones.com

(END) Dow Jones Newswires

11-04-13 0947GMT