1

2007 Final results March 2008

Important Notice

This document has been prepared by Petrofac Limited (the Company) solely for use at presentations held in connection with the announcement of its results for the year ended 31 December 2007. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document.

This document does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company.

Certain statements in this presentation are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this presentation regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward looking statements, which only speak as of the date of this presentation.

The Company is under no obligation to update or keep current the information contained in this presentation, including any forward looking statements, or to correct any inaccuracies which may become apparent and any opinions expressed in it are subject to change without notice.

2

Ayman Asfari Group Chief Executive

Headlines

Strong revenue and net profit margin growth across all three divisions in 2007

Growth in backlog to US$4.4 billion; healthy bidding pipeline for 2008

Demand for our services remains underpinned by long‐term market drivers

Well positioned for strong growth over the medium term 

629 952 

1,485 

2,440 

1,864 

2003  2004  2005  2006  2007 

Revenue (US$m)  Net profit (US$m)  Backlog (US$m) 

40% CAGR 

38.4  46.1 

75.4 

120.3 

188.7 

2003  2004  2005  2006  2007 

1,097 

1,740 

3,244 

4,441 4,173 

2003  2004  2005  2006  2007 

49% CAGR  42% CAGR 

4

Operating environment: strong demand for our services

Demand for group’s services driven by global energy demand: –  expected to increase 55% over the

period 2005‐2030 

–  44% of increase expected to be met by oil & gas sector

IEA estimates US$9.6 trillion of investment in oil & gas production capacity from 2006‐2030

Equivalent to US$384 billion p.a.

Petrofac well placed to participate in multi‐phase multi‐billion developments in core markets Source: World Energy Outlook 2007,

International Energy Agency 

0 

4,000 

8,000 

12,000 

16,000 

20,000 

1980  2000  2005  2015  2030 

World Energy Demand (mtoe) 

5 

Investment in Energy Infrastructure 2006­2030 (US$tn) 

Oil & Gas US$9.6 trillion 

Coal & Power US$12.2 trillion

Divisional performance

Good revenue growth in service divisions driven by new projects and contracts in service divisions and full year of Cendor production in ED

Net profit margins increased across all three division due to strong operational performance

Achieved significant expansion of capacity of group to position for further growth 

6.4% 8.8% 

20.3% 22.2%  23.2% 

9.7% 

3.6% 3.4% 4.7% 

2005  2006  2007 

2006: US$1.9 billion 

58% 39% 3% 

E&C  OS  ED 

Revenue  Net profit margin* 

6 

2007: US$2.4 billion 

58% 37% 5% 

2006: US$120.3 million 

75% 14% 11%

2007: US$188.7 million

69% 14% 17% 

Net profit 

* ED excludes Cendor / UKCS / NT/P68 deferred tax credits and NT/P68 impairment; OS expressed on net revenue, adjusted to exclude amortisation and finance charges relating to acquisition intangibles and deferred consideration

Woking, UK

Dec 2006

Dec 2007

260 56

0

Dec 2007

Sharjah / Dubai, UAE

Dec 2006

Dec 2007

3700

3100

1900

Mumbai, India

Dec 2006

Dec 2007

410 450

Nil

Chennai, India

Dec 2006

Dec 2007

185

We now have approximately 9,600 employees (2006: 7,800)

Growth driven by: E&C growth in Sharjah; new Chennai office; Woking ‐ Karachaganak Phase III award; Dubai Petroleum contract 7

Positioning for further growth Aberdeen, UK

Dec 2006

3700

3720

 

Employees by function 

15%

30%

3% 4%

43%

5% 

Management and support services Engineering 

Project management Procurement 

Operations and maintenance HSE/QA

Operational highlights: Karachaganak Phase III FEED award

Phase III is group’s largest FEED study to date

Demonstrates Petrofac’s capability to deliver FEED studies for world‐scale projects

Petrofac remains well positioned in Kazakhstan, including two of the three world‐class developments (Kashagan and Karachaganak)

Phase III key facts: 

–  up to 450 engineering staff, predominantly in Woking 

–  will require 700 kilometres of pipeline, 5,000 kilometres of cabling, 40,000 tonnes of structural steel 

–  will process equivalent to 750,000 bpd of oil, LPG and gas

8

Operational highlights: Dubai Petroleum transition

Safe and efficient transition of facilities in April 2007

Facilities comprise four offshore fields, 70 platforms, 400 wells, 800 kilometres of pipelines and 1,100 personnel

First government entity to exploit its reserves through direct contracting with service provider

Strong operational performance in OS division increasingly driven through incentive income

Incentive income more than doubled in two years to 19% of gross profit (2005: 9%)

19%

81%

91%

9% 

Incentive income as a % of gross margin 

2005 

9 

2007

Operational highlights: ED value creation – Don Area assets

Final field development plans for Don Southwest and West Don submitted late 2007

Northern Producer floating production facility secured to receive and process production from both fields

‘Fast track’ development plan targeting first oil in 2009

7 well drilling programme due to commence Q2 2008

10

Operational highlights: ED value creation – Cendor PM304

Achieved production on Cendor field of over 14,300 barrels per day, 98% uptime in 2007 and safe operation

2007 drilling programme completed; should extend peak production into 2009 and proved additional reserves

Conceptual design study commenced for PM304 phase II

Project demonstrates the group’s ability to create value through leveraging its service capability

11

Operational highlights: ED value creation ‐ Chergui

Central processing facility due for mechanical completion by end of Q1 2008; pipeline due for completion early Q2 2008

Value created through leveraging group’s engineering, construction, commissioning and operations capability

First gas now expected before end Q2 2008; revised timing due to legacy issues with subcontractors

12

Keith Roberts Chief Financial Officer

Headline Numbers – Income Statement

86% 8.8 cents 16.4 cents Full year dividend

55% 34.9 cents 54.1 cents EPS (diluted)

45.7% 47.3% ROCE

52% 198.3 301.3 EBITDA

57% 120.3 188.7 Profit for the year

(51.3) (69.5) Income tax expense

171.7 258.2 Profit before tax

2.1 9.7 Net finance income

47% 169.5 248.5 Operating profit

31% 1,863.9 2,440.3 Revenue

2006 US$m

2007 US$m

14

Headline Numbers – Cash Flow

***Interest‐bearing loans and borrowings/total equity

36.1% 22.7% Gross gearing ratio***

**As netted‐off against cash and cash equivalents and included in interest‐bearing loans and borrowings

340.7 471.5 Net cash

20.5 15.7 Add back bank overdrafts**

(117.2) (110.1) Less interest‐bearing loans and borrowings

*Excludes restricted cash and is net of bank overdrafts

29% 437.4 565.9 Cash and cash equivalents at 31 December*

234.6 128.5 Net increase in cash and cash equivalents

(32.6) (63.7) Net cash flows used in financing activities

(34.5) (139.2) Net cash flows used in investing activities

301.7 331.4 Net cash flows from operating activities

2006 US$m

2007 US$m

15

Group Overview

Revenue increased by 31%, reflecting strong growth in all three divisions

Geographic split –  Middle East & Africa 45% –  Europe 33% –  CIS & Asia 21%

Backlog increased to US$4.4 billion at 31 December 2007

Represents 1.8 times 2007 revenue (2006: 2.2 times) 

2,440 

1,864 

1,485 

56.1%  25.5%  30.9% 

2005  2006  2007 

4,441 4,173 

3,244 

86.4%  28.6%  6.4% 

2005  2006  2007 

h h 

Revenue (US$m) 

Backlog (US$m) 

h h h

h

16

Group Overview

EBITDA increased by 52%

EBITDA margin increased from 10.6% to 12.3%: 

–  higher E&C and OS margins 

–  greater contribution from high margin ED division

Net profit increased by 57% to US$188.7 million

Net profit margin increased from 6.5% to 7.7% due to increased net profit margins across all three divisions 

74.6 

120.3 

188.7 

6.5% 

5.0% 

7.7% 

2005  2006  2007 

115.0 

198.3 

301.3 

12.3% 

10.6% 

7.7% 

2005  2006  2007 

EBITDA & margin (US$m)  Net profit & margin (US$m) 

17

Effective Tax Rate 2007

Engineering & Construction division reported a lower ETR than estimated as there was a higher proportion of profits earned in lower tax jurisdictions Operations Services reported a slightly increased ETR due to provisions being marginally higher than anticipated at the half year

Energy Developments ETR is lower than estimated at the half year due to the recognition of UKCS pre trading expenditure and a net credit in respect of Australian activities 18

Tax charge by division FY 2007 1H 2007 2007 reported reported estimate

Engineering & Construction 21.9% 27.0% 35%

Operations Services 30.8% 27.3% 29%

Energy Developments 35.5% 50.1% 35%

Effective Tax Rate, estimated for 2008

Tax charge by division 2008 2007 estimate reported

Engineering & Construction 23% 21.9%

Operations Services 25% 30.8%

Energy Developments 46% 35.5%

Steady Engineering & Construction ETR due principally to a similar mix of income as 2007

Operations Services estimated ETR lower due to increased proportion of profits arising from outside UKCS Energy Developments estimated ETR higher due to the impact of the recognition of UKCS pre trading expenditure and a net credit in respect of Australian activities in 2007

19

858 

1,081 

1,415 

81.3%  26.0%  30.9% 

2005  2006  2007 

Engineering & Construction

Revenue increased 31% 

–  High levels of activity on lump‐ sum EPC projects 

–  Strong growth in reimbursable engineering business

Backlog increased to US$2.5 billion

Key awards during the year included: 

–  In Salah gas compression project 

–  Kashagan third oil train 

2,121  2,228 

2,540 

186.6%  5.0%  14.0% 

2005  2006  2007 

h h h

h 

Revenue (US$m) 

Backlog (US$m) 

h h

20

Engineering & Construction

EBITDA increased by 37% due to revenue growth and margin improvement

EBITDA margin improvement due to continued strength in execution performance

EBITDA margin improvement lower than net profit margin improvement due to a reduction in the division’s ETR from 24.8% to 21.9%

Net profit increased by 44%

Net profit margin increased from 8.8% to 9.7% 

63.5 

127.3 

173.9 

7.4% 11.8%  12.3% 

2005  2006  2007 

EBITDA & margin (US$m) 

Net profit & margin (US$m) 

95.4 

55.1 

137.1 

6.4% 8.8%  9.7% 

2005  2006  2007 21

Operations Services

Revenue increased by 25%; net revenue increased by 35%*

Revenue growth driven by: 

–  commencement of Dubai petroleum contract 

–  international growth in Training and Brownfield engineering 

–  acquisition of SPD

Backlog remained steady

* Revenue excluding pass‐through revenue 

Revenue (US$m) 

Backlog (US$m) 

1,123 

1,945  1,901 

2005  2006  2007 

729 

605 

911 

153 

222 

227 

2005  2006  2007 

h 

20.5% 37.5% 

h73.2% h12.2% 

Pass­through revenue 

24.9% 

2.3% $

22

h h

Operations Services

EBITDA increased by 56%

EBITDA margin increased from 4.5% to 5.6% due to good operational performance

Net profit increased by 60%

Net profit margin increased from 2.5% to 3.2%

Excluding amortisation and finance charges due to acquisition intangibles and deferred consideration, underlying net margin increased to 4.7% 

EBITDA & margin (US$m) 

Net profit & margin (US$m) 

15.6 18.1 

28.9 

3.4%  3.6% 

2.5% 2.5% 

4.7% 

2005  2006  2007 

27.5 32.9 

51.2 

4.5%  4.5% 5.6% 

2005  2006  2007 

3.2%

23

Energy Developments

Revenue more than doubled due to full year contribution from Cendor (came on stream September 2006)

EBITDA increased from US$40.1m to US$82.8m due to full year contribution from Cendor Ohanet gas plant and Kyrgyzstan refinery continue to perform well 

Revenue (US$m) 

EBITDA & margin (US$m) 

32.6 40.1 

82.8 

70.4%  64.6%  62.3% 

2005  2006  2007 

h 20.5% 

h h

h 114% 

132.8 

46.3 

62.1 

2005  2006  2007 

2.9% 34.1% 

113.8% 

h

h

h

24

Energy Developments

Net profit increased to US$33.4 million due to full year contribution from Cendor

Net profit is after: 

–  Recognition of a net tax asset of US$11.3 million in relation to UKCS pre‐trading expenditure and NT/P68 expenditure 

–  A provision of US$8.7 million against the division’s investment in NT/P68 following uncertainties surrounding the commercial outcome

25 

Net profit & margin (US$m) 

18.3 14.4 

33.4 

39.5%  23.1%  25.1% 

2005  2006  2007

Energy Developments

Reserve table presented in results for first time

Proven and probable reserves increased significantly during 2007, from 8.8 million barrels of oil equivalent to 36.7 million

Growth principally from recognition of reserves for Don Southwest, West Don and Chergui

26

Proven plus probable reserves 

31 Dec  2007: 36.7 mmboe 

1 Jan 2007: 8.8 mmboe 

2.5

17.6

6.0

5.7

4.9 Ohanet Cendor Chergui Don SW W Don

5.5 3.3

‐ ‐ ‐

Outlook

Engineering & Construction –  Strong backlog provides good visibility for current year revenue 

–  Backlog, awards and bidding pipeline should underpin strong growth in 2008 and beyond 

–  Net profit margins should be broadly maintained at recent levels

Operations Services –  Continued growth in 2008; full year contribution from Dubai Petroleum (2007:9 months) 

–  Progress towards targeted net profit margins* of 5% in medium‐term

Energy Developments –  Drilling programme planned for Cendor PM304; further development options to be assessed 

–  First gas on Chergui before middle of 2008 

–  Significant progress planned for Don Area assets: drilling programme, refurbishment of production vessel and installation of subsea infrastructure with a view to first oil in 2009 

–  Further investments expected during 2008

Well positioned for continued strong growth over the medium term

h h

27 * On revenue excluding pass‐through revenue

Notes EBITDA means earnings before interest, tax, depreciation and amortisation and is calculated as profit from operations before tax and finance costs adjusted to add back charges for depreciation, amortisation and impairment.

Net profit (for the group) means profit for the year from operations attributable to Petrofac Limited shareholders.

Backlog consists of the estimated revenue attributable to the uncompleted portion of lump‐sum engineering, procurement and construction contracts and variation orders plus, with regard to engineering services and facilities management contracts, the estimated revenue attributable to the lesser of the remaining term of the contract and, in the case of life of field facilities management contracts, five years. To the extent work advances on these contracts, revenue is recognised and removed from the backlog. Where contracts extend beyond five years, the backlog relating thereto is added to the backlog on a rolling monthly basis. Backlog includes only the revenue attributable to signed contracts for which all pre‐conditions to entry have been met and only the proportionate share of joint venture contracts that is attributable to Petrofac. Backlog does not include any revenue expected to arise from contracts where the client has no commitment to draw upon services from Petrofac. Backlog is not an audited measure. Other companies in the oil and gas industry may calculate these measures differently.

The group reports its financial results in US dollars and, accordingly, will declare any dividends in US dollars together with a Sterling equivalent. Unless shareholders have made valid elections to the contrary, they will receive any dividends payable in Sterling. Conversion of the 2007 final dividend from US dollars into Sterling is based upon an exchange rate of US$2.0146:£1, being the Bank of England Sterling spot rate as at midday, 7 March 2008.

Return on capital employed is defined as the ratio of earnings before interest, tax, amortisation and impairment charges (EBITA) divided by average capital employed, being average total assets employed less average total current liabilities.

Operating profit means profit from operations before tax and finance costs. 28

Appendices

11%

15%

20% 40%

14% Ohanet 

Cendor 

Chergui 

Don SW 

W Don 

7%

13%

16%

48%

16%

Appendix 1: Energy Developments reserves 

1 Jan 2007: 7.5 mmboe 

31 Dec 2007: 22.7 mmboe 

1 Jan 2007: 8.8 mmboe 

Proven plus probable reserves Proven reserves 

38%

62% 44%

56% 

31 Dec 2007: 36.7 mmboe

Appendix 2: Energy Developments reserves by project

Appendix 3: five largest ongoing EPC contracts

Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10

Facilities upgrade, Kuwait

In Salah gas compression, Algeria

Harweel cluster development, Oman

Hasdrubal gas plant, Tunisia

Salam gas plant, Egypt

US$600m

US$376m

US$410m

US$983m

US$680m

Original contract value

2007 Final results March 2008