Petrofac Unable to Acquire Stake in Hewett Field

On August 30, 2005, Petrofac Resources announced that it had reached agreement with Centrica plc to acquire its 23.15% equity interest in the Hewett Field Unit area in the UK North Sea. The acquisition was subject to the approval of the Hewett partners and to the consent of the UK Department of Trade and Industry.

Petrofac has been advised by Centrica that Tullow Oil UK Limited, Eni UK Limited and Eni LNS Limited have declined to consent to the sale to Petrofac and that they wish to acquire Centrica's interest on the same terms as negotiated by Petrofac. Accordingly, the obligations under the sale and purchase agreement between Centrica and Petrofac have lapsed.

Petrofac's business is focused on the UK Continental Shelf (UKCS), the Middle East, North Africa and the Former Soviet Union (FSU). Through both organic growth and strategic acquisition, Petrofac's engineering, procurement and construction activities have been complemented with development planning and early stage engineering services, facilities management and training services and co-investment.