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Investor Presentation15 May 2009

Maroun SemaanGroup Operating Officer

New organisational structure

New organisational structure

implemented 1 January 2009

Maroun Semaan appointed Chief

Operating Officer

Seven business units

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Main drivers:

– Provide a platform for continued growth

– Share best practice

– Improve integration of services and revenue synergies

– Develop the management ‘bench’

Engineering & Construction

Sharjah EPC business

E&C Ventures

Petrofac Emirates

Saudi Arabia

Petrofac IKPT

Engineering Services

Reimbursable engineering

•Woking

•Mumbai

•Chennai

Offshore Engineering & Operations

Brownfield

Offshore projects & engineering

Facilities Management

Training

Health & Safety training

Technical training

Consultancy

Production Solutions

Dubai Petroleum

SPD

Eclipse

Caltec

i-Perform

Plant Asset Mgmt

Energy Developments

Co-investment in oil & gas assets

New organisational structure

Maroun SemaanChief Operating Officer

Engineering & Construction Sharjah

Engineering & ConstructionVentures

Engineering Services

Offshore Engineering & Operations

Training Production Solutions

Energy Developments

Lump-sum EPC Reimbursable engineering services

Training

Dubai Petroleum, SPD, Caltec, Eclipse, i-Perform

Energy Developments

Brownfield

engineering

Facilities Man,

excDubai Pet,

SPD, Caltec…

Engineering & Construction Operations Services Energy Developments

Divisions

(pre 1/1/9)

Business units

(post 1/1/9)

Engineering & Construction Other Energy Developments

Reporting

segm

ents

(post 1/1/9)

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Offshore projects & engineering

Offshore Engineering & Operations

Engineering Services

Training Production Solutions

Engineering & Construction Sharjah

Engineering & ConstructionVentures

Services

(pre 1/1/9)

Engineering & Construction Sharjah

Managing Director: Subramanian Sarma

Sharjah lump-sum engineering, procurement and

construction (EPC) operation experienced

significant growth and success:

– Revenue 5 year CAGR 46%

Well positioned to be Tier 1 EPC contractor

E&C backlog (including E&C Ventures) at record levels at US$6.7 billion at end April 2009; includes

US$5.0 billion of new awards to date in 2009

Business operating near capacity, but bidding activity continues; key focus areas remain MENA

and CIS

Innovation and cost-effectiveness key to leading the business forward

E&C backlog by region* (April 2009)

60%

38%

2%

Middle East North Africa CIS

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* E&C Sharjah and E&C Ventures combined

Engineering Services

Managing Director: Rajesh Verma

Brings together:

– Woking reimbursable engineering services: consultancy, FEED, PMC/EPCM support etc

– Lower cost Mumbai and Chennai operations, which support Woking and Engineering & Construction

Aim to achieve Tier 1 status

Focus to expand through:

– Reimbursable projects in MENA, West Africa and CIS

– Technically complex sectors such as LNG, heavy oil and refineries

Continue to optimise resources in lower cost

centres to improve group competitive position

E&C + ES employees*

2,900

3,900

4,900

2006 2007 2008

6* Including agency and contract staff and the

group’s share of joint venture employees

E&C +ES employees by region* (Dec 2008)

37%

20%

10%

33%

Sharjah India Woking Sites/other

Offshore Engineering & Operations

Managing Director: Bill Dunnett

Includes group’s MMO businesses:

– Operations Management (Duty Holder)

– Brownfield

Also includes Offshore Engineering & Projects

service line to provide:

– project management and engineering and

construction services to global offshore and subsea development market

– builds on capability developed in Engineering Services and Brownfield

Aim to create premier international offshore

engineering and operations business

Safety, efficiency and volume of business are key

drivers to ongoing success

OEO employees*

4,4004,100 4,200

2006 2007 2008

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* Including agency and contract staff and the

group’s share of joint venture employees

LTI/RI frequency rates

0.12 0.090.05

0.68

0.38

0.29

2006 2007 2008

Training

Managing Director: Leigh Howarth

Comprises:

– Competence-led training services, including health & safety, fire, survival and technical training

– Consultancy services to identify or assess competency gaps or risks within an organisation

– Outsourced tailored managed solutions

Strong need to develop competent and skilled

operations personnel for oil & gas industry

Recent growth driven by international expansion –new training facilities established in Sakhalin,

Houston, Kuala Lumpur, Baku, Singapore and Dubai

Now manage 16 facilities in 8 countries

Further international expansion / new training centres key to continued growth

Global training delegates

35,00040,000

50,000

2006 2007 2008

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Training employees by region* (Dec 2008)

60%

8%

20%

6%6%

UK Houston UAE Singapore Other

Production Solutions

Managing Director: Gordon East

Production Solutions brings together many of group’s

specialist consultancy businesses:

– SPD Group – well operations management

– Caltec – production technology

– Eclipse – production engineering

– Plant Asset Management – asset performance

– i-Perform – business performance

In addition, Dubai Petroleum service operator

contract will report through Production Solutions

Business aims to package together services to

provide customers with solutions to enhance

production and improve reservoir recovery

Remuneration based upon success, for example, tariff or quasi-equity structures

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Employees by activity* (Dec 2008)

620

210

5050

Dubai Petroleum SPD Eclipse Other

* Including agency and contract staff and the

group’s share of joint venture employees

Marwan ChedidManaging Director, E&C Ventures

E&C Ventures, contents

Mission

Organisation

Macro market analysis

Ventures

– Petrofac Emirates

– Petrofac KSA

– Petrofac IKPT (LNG)

Operations

– ASAB Project (Abu Dhabi)

– Karan (KSA)

Conclusion

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Fuel long term growth in Engineering & Construction:

– Petrofac Emirates (UAE & Mubadala Investments)

– Petrofac Saudi Arabia

– Petrofac IKPT (LNG)

Broaden products lines from oil & gas into Refinery, Petrochemicals,

LNG, etc

Introduce further new ventures to fuel growth by geographic and product diversification

E&C Ventures, mission

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E&C Ventures, organisation

LNG

MubadalaPetroleum Services

Company

Petrofac IKPT

� LNG venture projects� Cost effective

engineering support� Proposal support

� In-Kingdom full EPC �Out-of-Kingdom portion

of large EPC

� UAE� Mubadala influenced

projects in other countries

Petrofac Saudi Arabia

Saudi Arabia United Arab Emirates

Petrofac Emirates

Petrofac E&CVentures

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E&C Ventures, market analysis, opportunities

LNG projects in North Africa, CIS etc

Onshore field development (e.g. ADCO

Project 1.8), onshore facilities for

offshore gas development (e.g. Gasco

IGD programme), refinery expansion

Refinery expansion projects,

onshore gas developments, onshore

facilities for offshore gas developments

and clean fuels programs

* Generally, projects bid in packages with values of US$0.5 billion to US$3 billion

Petrofac IKPT US$30 billion

Petrofac Emirates US$40 billion

Petrofac Saudi Arabia US$60 billion

Short and medium-term potential market: c. US$130 billion*

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E&C Ventures, macro market analysis - UAE

Abu Dhabi oil & gas market experiencing boom period despite worldwide

financial crisis; visible business for next two years

Petrofac Emirates is a joint venture with Mubadala Petroleum Services

Company LLC, a wholly-owned subsidiary of Mubadala Development Company

(Mubadala)

Mubadala is a Public Joint Stock Company headquartered in Abu Dhabi focussed on developing and managing an extensive and economically diverse

portfolio of commercial initiatives, independently or in partnership with

leading international organisations

Petrofac Emirates will pursue associated opportunities, focusing on

significant EPC projects for UAE and international clients where Mubadala is an investor

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E&C Ventures, macro market analysis - KSA

Saudi Aramco to spend around US$60 billion including 144 projects over the next five years in boosting onshore and offshore oil & gas production

Saudi Aramco is concentrating US$27 billion in 17 mega projects (> US$500m), US$7 billion in 30 large projects (US$100-500m) and balance on medium to small projects (< US$100m)

Saudi Aramco has initiated programme to encourage local and international companies to cooperate and create local EPC skills to execute in Kingdom small-to-large size EPC projects (up to US$500m)

– Saudi Aramco aim to achieve Saudization programme: 50% local content within 5 years

Saudi Aramco has started identifying projects from expansion programme to beawarded to in-Kingdom EPC companies

Shortly SABIC (Saudi Basic Industries Corporation) will follow same model for downstream petrochemical projects

SABIC potentially large market; Petrofac in process of gathering information

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E&C Ventures, macro market analysis – LNG

Alliances

– Development of strategic LNG alliance

Expertise

– Development of in-house expertise through structured training

programmes (IKPT, Woking)

– Focused recruitment of key industry (pan-EPC) employees

Technology

– Explore use of alternative process technologies

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E&C Ventures, ASAB full field development

Client, Abu Dhabi Company for Onshore Operations (ADCO)

Project, brownfield except greenfield central degassing station at ASAB

Petrofac successful against competition from:

– Saipem

– Tecnicas Reunidas and CCC joint venture

– Technip

Past experience in UAE

– ASAB high pressure gas injection (2000-2001)

– EPCC of new gas processing facilities at Sajaa gas plant for Crescent Petroleum (2004-2005)

ASAB awarded January 2009

44 month schedule

Base contract value, US$2.3 billion

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Project outline:

Develop SAS fields for enhanced production over extended time in phased manner

Increase current production to sustainable production rate of 600,000 bpd and peak (technical) rate of 720,000 bpd of stabilised crude oil from three SAS fields with ASAB as hub

Replace / expand / enhance/demolish ageing facilities to ensure their ability to operate safely and more efficiently

Petrofac scope:

Development of new greenfield Central Degassing Station (CDS) comprising 4 separation trains with degassing gas lift compression, produced water treatment and main oil storage and pumping facilities

Modification to 5 existing Remote Degassing Stations (RDSs) and conversion of existing ASAB CDS into RDS-6

63 wellhead modifications and new wellheads; approximately 516 kms of flowlines and pipelines including main oil line to BAB field

E&C Ventures, ASAB full field development

Client, Saudi Aramco

Petrofac successful against competition from

– Snamprogetti/Saipem

– HEC

Awarded, March 2009

Planned completion, December 2011

Project outline:

To support Aramco’s strategy to meet the In-Kingdom energy demand from 2012 onwards; without the project, Master Gas System would have a deficit

Facilities to produce 1,300 standard cubic feet per day (mmscfd) of sales gas, 80 mmscfd plant fuel and 1,350 metric tonnes (MT) of sulphur per day

Karan facilities will be integrated in existing Khursaniya gas plant, 40 km north of Jubail

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E&C Ventures, Karan utilities & cogeneration

Petrofac scope:

Covers utilities, cogeneration train, sales gas export pipeline and offsites (gas and sulphur facilities by others)

Cogeneration: combustion gas turbine generator and heat recovery steam generator supply

Auxiliary steam boiler

Sales gas export pipeline: length 47 km, diameter 40-inch

Additional condensate deaerator system

Upgrade of boiler feed water systems, condensate and steam systems, nitrogen, cooling water, fire water and fuel gas systems

New electrical substation

Modification to high voltage gas insulated switch gear

14 km of crash rate fence and patrol roads

E&C Ventures, Karan utilities & cogeneration

E&C Ventures, conclusion

UAE opportunities in oil & gas, refinery and petrochemicals

International potential alongside Mubadala

Major Saudi opportunities from 2010 especially in refining sector

LNG opportunities are major and longer-term, structurally attractive market

with limited competition due to size and complexity of projects

Short and medium-term potential market robust

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Amjad BseisuChief Executive, Energy Developments

Strategy

Energy Developments (ED) invests alongside the group’s partners in oil & gas

upstream developments and energy infrastructure, offering differentiated

risk/reward models

Partnership approach improves alignment, mitigates risks and reduces costs

whilst generating more value for Petrofac and its partners

Value created by ED is measured in NAV: objective is not to increase reserves

or production year-on-year

ED selectively looks at small field and late-life asset opportunities where it

offers differentiated capability in engineering, operations and/or commercial

competence

While ED is wedded to the business model, opportunities to sell or swap part

or all of an asset would be considered

Hedging considered on asset-by-asset basis: objective to hedge

approximately 75% of low-case production estimate once steady state

production achieved; hedging likely to be on rolling 12 month basis

Rob JewkesManaging Director & EVP Project Development & Operations, Energy Developments

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Portfolio of producing assets

Chergui, Tunisia

Ohanet, Algeria

Cendor, Malaysia

Don Development, UK

KPC, Kyrgyzstan

Don development

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Group acquired interests in West Don and Don

Southwest fields in 2006

Following decision to utilise Northern Producer floating production facility, field development programme (FDP) approval granted in late May 2008

First oil achieved April 2009, less than one year from FDP approval

Combined peak production expected to reach in excess of 40,000 barrels per day (bpd)

Petrofac 27.700%

Valiant 17.275%

Stratic 17.250%

First Oil 19.275%

Nippon 18.500%

Formation Depth : 10,650 ft TVDSS

Formation : Brent

Oil/Gas Gravity (deg API) : 34.0

Formation Temperature (deg F) : 251.5oF

CO2 (%) : 1.48%

H2S (%) : None Reported

End-2008 Reserves (mmboe)

Geological Parameters

Co-venturers: West Don

P50

3.6

12.8

5.6

20.3Gross

P90

PED Entitlement

West Don

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Commenced production late April 2009 from

first producer well

Second producer well and injector well

expected to commence in Q3 2009

– Peak production then expected to reach

25,000 bpd

First tanker offload c. 500,000 bbls expected

late May

Petrofac 60.0%

Valiant 40.0%

Formation Depth : 11,200 ft TVDSS

Formation : Brent

Oil/Gas Gravity (deg API) : 38.0

Formation Temperature (deg F) : 260oF

CO2 (%) : 1.4%

H2s (%) : None Reported

End-2008 Reserves (mmboe)

Geological Parameters

Co-venturers: Don Southwest

P50P90

8.6

14.4Gross 27.6

PED Entitlement 16.6

Don Southwest

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Production expected to commence Q2 2009

Initial production expected to be from two

producer wells

Injector wells to

be tied back in

Q3 2009

Further development potential expected from near field opportunities

15%PetroVietnam E&P

30%Petronas Carigali

25%KUFPEC

30% & OperatorPetrofac

Formation Depth : 1300mTVDss

Formation : H group (H15,

H20)

Oil/Gas Gravity (deg API) : 42

Formation Temperature (deg F) : 115oC

CO2 (%) : Variable 23% to

60%

H2S (%) : Zero

Phase 1 P50Phase 1 P90

3.5

17.4

5.2

29.1Gross

PED NET

End-2008 Reserves (mmboe)

Geological Parameters

Co-venturers

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Cendor

The field continues to perform well

– Expected to produce c. 14,300 bpd in 2009

(2008: 14,700 bpd)

– Produced over 13 million barrels to date

– MOPU YTD uptime: 100% (2008: 99%)

Near field drilling continuing to prove up

reserves for Phase 2

Phase 2 development programme in place; option selected; FEED to commence 2H 2009

Formation Depth :4600 ft ss

Formation : Reineche -

Eocene nummulitic limestone

Gas Gravity / Condensate : specific gravity 0.65; 65 °API

Formation Temperature (deg F) :175°F

CO2 (%) :0.02%

H2S (%) :0.00%

Condensate yield :12 bbls/mmscfpd

P50P90

18.8

41.9 53.1Gross

23.8PED Entitlement

End-2008 Gas Reserves (bscf)

Geological Parameters

Concession Owners

55%ETAP

45% & OperatorPetrofac

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Chergui

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Export commenced August 2008, 16 months

after Petrofac appointed Operator

Nameplate capacity of Central Processing

Facility (CPF) 20 mmscfd

Gas sales exceeding nameplate capacity by 20% following commissioning of refrigeration

unit: plant debottlenecking continues to

increase capacity further

Offtake contract with STEG; headroom

available above the contracted rate

Further seismic work undertaken: field expansion options under evaluation

Business development

Regional focus concentrated on existing areas of investment, i.e. UKCS, MENA and Far East

– leveraging partner relationships, both in-country and out-of-country

– local presence provides early insight into opportunities with commercial experience

– local sub-surface knowledge enables early assessment of risk outside of our control

Particular focus on infrastructure projects where there are synergies with existing operations and where our service businesses have strong relationships and expertise

Current illiquidity in financial markets is providing increased flow of opportunity

Opportunity to exchange interests in developed assets also provides a valuable enabler for potential new opportunities

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Investor Presentation15 May 2009