Adams PLC Investment (5302Z)
15 December 2017 - 11:55PM
UK Regulatory
TIDMADA
RNS Number : 5302Z
Adams PLC
15 December 2017
Adams plc
("Adams" or the "Company")
Investment in Petrofac Limited ("Petrofac")
The Directors announce that on 14 December 2017, Adams purchased
an additional 78,000 ordinary shares of US$0.02 in Petrofac on the
Main Market of the London Stock Exchange at an average price of
449.95 pence per share for a total cash consideration of
GBP351,317. The Company's total holding in Petrofac now amounts to
288,000 ordinary shares of US$0.02 and represents 0.08% of the
currently issued ordinary share capital of Petrofac of 345,912,747
shares. Following this investment, the Company will have cash
balances of approximately GBP90,000.
Petrofac is a multinational service provider to the oil and gas
production and processing industry. The company designs, builds,
operates and maintains oil and gas facilities with a focus on
delivering first class project execution, cost control and
effective risk management. Petrofac has a reputation for
commitment, delivery and operational excellence and its service
offering is underpinned by the provision of skills training with
competency development and assurance frameworks.
Petrofac has a 36-year track record and has grown significantly
to become a constituent of the FTSE 250 Index. The company has 31
offices and around 13,500 staff worldwide, comprising more than 80
nationalities.
In the 6 months ended 30 June 2017, Petrofac reported a profit
before exceptional items of US$158 million attributable to Petrofac
shareholders on revenue of US$ 3.126 billion (year ended 31
December 2016: profit before exceptional items of US$320 million on
revenue of US$ 7.873 billion). During the 6 months ended 30 June
2017, the company incurred exceptional costs of US$88 million on
mainly the write down of its interests in the Greater Stella Area
development and which reduced the reported profit after tax
attributable to Petrofac shareholders for that half year to US$70
million (year ended 31 December 2016: reported profit after tax
attributable to Petrofac shareholders of US$1 million after
exceptional costs of US$319 million on mainly the write down of its
investment in Seven Energy). Petrofac's net assets at 30 June 2017
amounted to US$ 1.069 billion.
On 12 May 2017, Petrofac announced that the company had been
notified by the Serious Fraud Office (the "SFO") that it has
commenced an investigation into Petrofac and its subsidiaries.
Petrofac stated that it believed that this was in connection with
the investigation into Unaoil, which it had engaged for the
provision of local consultancy services primarily in Kazakhstan
between 2002 and 2009, and that it was co-operating fully with the
authorities.
On 14 December 2017, Petrofac issued a pre-close trading update
ahead of the announcement of its full year results for the year
ending 31 December 2017, that:
-- Trading is in line with expectations
-- US$5.2 billion in new order intake year to date
-- Net debt is forecast to be around US$850 million at 31
December 2017 in line with expectations
Further information on Petrofac is available on the Petrofac
website www.petrofac.com.
Enquiries:
Adams plc
Mike Bretherton Tel: +44 1534 719 761
Nomad
Cairn Financial Advisers
LLP
Sandy Jamieson, James Tel: +44 207 213 0880
Caithie
Broker
Peterhouse Corporate Finance
Limited
Lucy Williams, Duncan Tel: +44 207 469 0930
Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
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