07/10/2005 The London Stock Exchange is pleased to welcome Petrofac Limited to the Main Market
7 October 2005
The London Stock Exchange is pleased to welcome Petrofac Limited to the Main Market.
Petrofac is a leading international provider of facilities solutions to the oil and gas production and processing industry, with a diverse client portfolio including many of the world’s leading integrated, independent and national oil and gas companies.
Through its three divisions, Engineering & Construction, Operations Services and Resources, Petrofac designs and builds oil and gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with clients and partners. Petrofac’s range of services allows it to help meet its clients’ needs across the life cycle of oil and gas assets.
Petrofac operates out of four strategically placed international centres in Aberdeen, Scotland; Sharjah, UAE; Mumbai, India; and Woking, England, and has a further 13 offices worldwide, with approximately 5,500 employees.
Petrofac’s offer of existing ordinary shares was priced at 215p. Based upon this Offer Price, Petrofac’s capitalisation at admission was £742 million (US$1,313 million).
Ayman Asfari, Chief Executive of Petrofac, commented:
“We are delighted with the positive response from investors in support of the flotation of Petrofac. We now look forward to life as a public company and aim to generate sustainable growth in value for our shareholders by establishing Petrofac as the leading international provider of facilities solutions to the oil and gas industry.”
Credit Suisse First Boston acted as sponsor and global co-ordinator in relation to the offer. Credit Suisse First Boston and Lehman Brothers acted as joint bookrunners and joint lead managers and JPMorgan Cazenove and Shuaa Capital acted as co-lead managers.