Petrofac and Valiant Exchange North Sea Interests

Petrofac's Energy Developments division has exchanged its 29% interest in UK North Sea Block 9/28a (containing the Crawford field) for an additional 3.11% of Block 211/18a (West Don area) with Valiant Petroleum. The operatorship of the Crawford field has been transferred from Petrofac to Fairfield Energy.

Petrofac now holds a 43.11% operated interest in Block 211/18a, which contains a 64.25% share of the West Don field. A pre-unitisation agreement with the owners of the adjacent block has been concluded, to establish field equity shares for the field life. Under the agreement, Petrofac will hold a 27.70% operated interest in the West Don field.

Amjad Bseisu, chief executive of Petrofac Energy Developments, commented: "Following this exchange, we have increased our participation in the greater Don area, where we hold operator status in our interests. A draft field development plan was submitted for the Don Southwest field in May 2007 and we continue to make good progress towards submission of a draft field development plan for the West Don field."

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