Interim Results 22 August 2011

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 six months ended 30 June 2011. 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

Headlines • Good operational and financial performance in 1H 2011

• Backlog of US$11.4bn at 30 June 2011 (i3% versus 31 December 2010, h66% versus 30 June 2010); maintains our outstanding revenue visibility • Engineering & Construction net margin in-line with medium-term guidance (around 11%) and substantial net margin progression in Offshore Engineering & Operations

• Well on course to deliver like-for-like1 net profit growth in 2011 of at least 15% and in-line with current market expectations; confident of more than doubling 2010 recurring group earnings by 2015 Backlog

Revenue

Net profit2

5 yr CAGR 28%

5 yr CAGR 25%

5 yr CAGR 33% 4,354

11,699

11,368

433.0

3,655

353.6

3,330

8,071

4,441

2,711

2,440

265.0

2,1663

231.03 246.3

188.7

3,997

25%

2007

2008

2009

2010

1H11

2007

2008

2009

2010

1H10

1H11

7%

2007

2008

2009

2010

Note: all figures presented above are for the group’s continuing operations and are for financial years ended 31 December and interim periods ended 30 June (US$ millions) 1 Excluding the gain on the EnQuest demerger and the trading net profit from the Don assets in 2010 2 Net profit attributable to Petrofac Limited shareholders and excluding the gain on the EnQuest demerger 3 Restated

1H10

1H11 3

Backlog • Backlog continues to give outstanding revenue visibility • New projects awarded in Algeria, Iraq and Malaysia contributed to the broad maintenance of Engineering & Construction backlog at US$8.7bn in 1H 2011 (Dec 2010: US$9.0bn) • Offshore Engineering & Operations backlog remained steady at US$2.4bn (Dec 2010: US$2.4bn) following contract extensions and new awards secured during 1H 2011 • Going forward, backlog to include Risk Service Contracts (see slide 19)

1H 2011 backlog (US$bn)

E&C backlog by region (US$bn)

0.3

E&C backlog by year (US$bn)

6%

2.4

2.2

2.4 25%

38%

8.7 31%

E&C

OEO

ETSPS

4.0

CIS

Middle East

North Africa

UKCS and SE Asia

2011

2012

2013+ 4

Group reorganisation Organisational restructure will take effect from 1 January 2012



Maroun Semaan appointed President, leading development of major strategic initiatives Engineering, Construction, Operations & Maintenance (ECOM) Chief Executive, Marwan Chedid

Integrated Energy Services (IES) Chief Executive, Andy Inglis

Business units Reporting segments

Current

Business units

New

Divisions



Onshore Engineering & Construction

Engineering & Construction

Engineering & Construction Ventures

Engineering & Construction

Offshore Projects & Operations

Engineering & Consulting Services

Training

Production Solutions

Developments

Offshore Engineering & Operations

Engineering Services

Training Services

Production Solutions

Energy Developments

Offshore Engineering & Operations

Engineering, Training Services and Production Solutions

Energy Developments

5

Progressing our IES strategy – Mexico

Magallanes and Santuario blocks, Mexico

• Selected bidder for two 25 year Production Enhancement Contracts (PEC) for Magallanes and Santuario blocks • Current production approximately 14,000 bpd • Tariff of US$5.01 per barrel for incremental production (lower tariff for baseline) • 75% cost recovery for capital and operating expenditure • Committed to investment of c. US$500 million over the life of the contracts • Petrofac will have 90% share in PECs; Pemex subsidiary will have 10% share • Contract expected to be signed 18 October 2011, followed by 3 month transition period 66

Progressing our IES strategy – projects update

Ticleni field, Romania (PEC)

• Oil production ahead of budget • Well workovers undertaken to improve production • Commenced pilot water flood programme; results expected end 2011 Berantai field, Malaysia (RSC)

Ticleni field, Romania

• Good progress made on wellhead platform • Modification of FPSO Berantai progressing at Keppel Shipyard (Singapore); planned sailaway early 2012 • First gas expected shortly thereafter FPSO Berantai 77

Progressing our IES strategy – West Desaru • We have signed an MOU to accelerate production from Block PM304 with a third phase of development - West Desaru • Aim to achieve first oil by end 2012 by utilising current export facilities and upgrading and deploying a Mobile Offshore Production unit • West Desaru development combined with Cendor phase 2 development will increase overall production capacity to around 60,000 barrels per day PM304 full field development plan Cendor Phase 1 (existing) Cendor Phase 1 MOPU

LEGEND 8” Pipeline to be installed during EPS 6” Bonded Hose to be installed temporarily for EPS Flexible Riser to be installed at later stage

Proposed Early Production Development New MOPU plus conductor supported wellhead

FSO

Cendor Phase 2 (ongoing development - complete June 2013)

FPSO

CDW-A & B

Flexible riser CDW-C Temporary Pipeline for Early Production System (Bonded Hose)

Tie-In Point PLET Post 2013 Tie-In

Export Pipeline

8

Progress on major projects

South Yoloten field, Turkmenistan • Good progress with construction of the temporary facilities completed and the majority of orders for procurement placed

• Expect to reach profit recognition threshold in 2H 2011 • 1,800 employees and subcontractors on-site with more than 70% local content

South Yoloten field, Turkmenistan 99

Progress on major projects

Laggan Tormore gas processing plant, Shetland Islands • First lump-sum contract in the UKCS; dynamic project management and continuous engagement at all levels of the client team • Leveraging offshore skills to build modular design onshore • Stella Ness accommodation block opened in July 2011

Aerial view of Laggan Tormore site

Aerial view of accommodation block

10 10

Progress on major projects

El Merk gas processing facility, Algeria • Engineering and procurement now substantially complete, more than 50% of construction completed • Around 5,000 workers on-site of whom ~90% are Algerian • First graduates through the recently opened training centre

El Merk gas processing facility Algeria

Asab field development, Abu Dhabi • Overall progress in-line with plan; project completion forecast for 2H 2012 • Engineering and procurement substantially complete, more than 50% of construction completed

• Around 10,000 workers on-site

Asab field development, Abu Dhabi 11 11

Geographical expansion – South-East Asia

Indonesia: existing capability

Malaysia: deepening strategic relationship

• JV with Indonesia’s Inti Karya Persada Tehnik (IKPT)

• Worked with PETRONAS since 2004; recent awards on Sepat and Berantai and signed MOUs for PM304 and training

• Engineering office with > 200 employees with extensive expertise and proven track record

• Plan to build upon existing engineering capability to develop SE-Asia hub

• In-country prospects across the group

Thailand: recent country entry

• Acquisition of FPSO from Pearl Energy reflects strong ongoing relationship with Mubadala • Represents opportunity for Integrated Energy Services as well as our other service businesses 12 12

Geographical expansion – recent country entries

• Currently working on two projects in-country for Shell and BP Iraq

• Strong bidding pipeline for further opportunities in late 2011 and 2012 • Strategic opportunity to develop local workforces

• Invested additional funds into Seven Energy taking our interest up to 24.5% (on a fully diluted basis); we have earned 80% of the warrants issued in 2010 Nigeria

• Opportunities to monetise stranded, flared and currently exported gas • Laying the foundations for an ongoing local presence in Nigeria • Good performance on South Yoloten project will position us well for future opportunities

Turkmenistan

• Opportunities to support the development of Turkmenistan’s hydrocarbon reserves as well as well as new export routes • Strategic opportunity to establish training centre 13

Income Statement US$m

1H 2011

1H 20101

Variance

Restated

Revenue

2,711.1

2,165.8

25%

Operating profit

298.5

290.9

3%

Profit before tax

299.6

291.4

3%

Income tax expense

(53.1)

(61.2)

Profit for the period

246.5

230.2

7%

Profit for the period attributable to Petrofac Limited shareholders

246.3

231.0

7%

EBITDA

332.0

349.7

5%

60.1%

62.7%

EPS, diluted (cents per share)

71.8

67.3

7%

Interim dividend (cents per share)

17.4

13.8

26%

ROCE

Note: all figures presented above are for the group’s continuing operations and are for the half year period ended 30 June (US$ millions) 1 Excluding the US$125.6m gain on the EnQuest demerger

14

Cash flow and gross cash balances Cash position very strong at US$1.8bn: • Net working capital inflows of US$906m due to an increase in advance payments and a reduction in WIP on Engineering & Construction • Investing activities include US$99m for the acquisition of three FPSOs, further investment in Seven Energy of US$50m and US$46m of other capex additions

• Financing activities include payment of 2010 final dividend of US$101m Gross cash position and cash flow movements (US$m) 1,167.8

(217.9) (164.7)

= ‘Billings in excess of cost and estimated earnings’ less amounts billed in advance but not received

1,848.2

= ‘cash advances’, measured as ‘Advances received from customers’ net of any associated work in progress (on a project by project basis)

1,063.0 375.5 1,220.5

845.0 256.3

155.6 100.7 Dec 2010

Operating

Investing

Financing/Other

Jun 2011

15

IES capital expenditure • Approximately US$140m deployed on IES projects in 1H 2011; expect the rate of capital deployment to increase in 2H 2011 • Continue to envisage gross investment of between US$0.5 – 1.0bn per year • Projects are typically either fast-track developments (time frame of 1 – 3 years) or already producing (PEC contracts) so net investment is considerably less • Capital deployment plans can be financed from our own resources IES approximate capital expenditure (US$m)

700

New projects 400

Existing projects

140

1H 2011

2H 2011

FY 2012 16

Backlog – inclusion of Risk Service Contracts

Rationale • Updated in response to the creation of Integrated Energy Services and the increasing proportion of earnings that will come from Risk Service Contracts • Reflects the service nature of this business and removes inconsistency in treatment among our service businesses

Backlog methodology

Current

Future

Backlog booked on confirmed contracts only





Maximum of 5 years revenue booked1





Backlog not booked on Production Sharing Contracts





Backlog booked on Production Enhancement Contracts





Backlog booked on Risk Service Contracts





1 Limit does not apply to lump-sum EPC contracts 15 17

Engineering & Construction Financial performance in 1H 2011 affected by timing of profit recognition: • Revenue h17% - higher activity levels particularly on Asab and South Yoloten projects • Net profit flat - due to margin dilution from early stage contracts (which have not reached profit recognition) compared with margin enhancement in 1H10 from first-time profit recognition on projects awarded in 2009 • Net profit margin broadly in line with medium-term guidance at 10.8%

Net profit (US$m) and margin

EBITDA (US$m) and margin

Revenue (US$m)

373.0 3,254

474.3

17%

2,509

4%

0%

265.1

337.3 1,994

1,904 1,6231

2008 1 Restated

2009

2010

1H10

1H11

259.81

252.4

12.7%

13.4%

2008

2009

14.6%

2010

206.51

206.3

16.0%

1H10

205.9

248.5

10.6%

11.5%

13.1%

10.4%

1H11

2008

2009

2010

12.7% 10.8%

1H10

1H11 18

Offshore Engineering & Operations Very strong performance in 1H 2011: • Net revenue h98%, net profit h703% – significant increase in activity levels particularly on the SEPAT development and the FPSO Berantai – provision release following completion of a long-term maintenance services contract • Net margin on net revenue increased to 6.6% Revenue (US$m)

31.8

777 722 Passthrough revenue

Net profit (US$m) and margin1

EBITDA (US$m) and margin

627 221

41.3

78%

6.6%

98

195 190

581

327

27.3

24.7

703%

491%

19.7

83

2009

2010

1H10

1H11

3.2%

3.1%

3.8%

2.1%

2008

2009

2010

1H10

1 Dotted line indicates net margin on revenue net of pass-through revenue

5.5%

12.8 7.0

2008

17.2

16.4

3.3%

3.0%

2.9%

7.1%

2.1%

2.0%

2.4%

1H11

2008

2009

2010

4.0 1.6% 1.2%

1H10

1H11 19

Engineering, Training, Production Solutions Mixed results across the business units:

• Revenue h20% due to an increase in activity in Engineering Services in support of internal work and strong growth in number of delegates in Training Services • Net profit broadly unchanged • Net margins on net revenue lower at 7.3% - mostly due to change in scope of Dubai Petroleum contract and early mobilisation and set-up costs on the Ticleni PEC EBITDA (US$m) and margin1

Revenue (US$m) Passthrough revenue

510

Net profit (US$m) and margin1

61.9

33.1

55 350 40

355

27.6

32

12

2009

2010

42.6

20% 162

2008

32.4

1H10

16%

34.7 21.5

194

13.0

18.1 10.4%

14

1H11

1%

7.3% 12.1%

12.2%

2008

2009

1 Dotted line indicates net margin on revenue net of pass-through revenue

13.3% 9.4%

9.8%

2010

9.3%

1H10

1H11

6.5%

2008

2009

13.1

8.5%

8.7%

7.8%

8.1%

6.8%

2010

1H10

1H11

7.3%

20

Energy Developments Lower contribution during ‘development phase’:

• Revenue h50% - primarily due to commencement of the Berantai RSC, partially offset by demerger of Don assets in April 2010 • Net profit i56% – lower contribution from Cendor due to lower production and demerger of Don assets – no contribution recognised on Berantai RSC, as the project is in its early stages Revenue (US$m)

EBITDA (US$m)

Net profit (US$m) 46.2

160.9

249 Don assets trading revenue

78

188

50% 160

15

153

Don assets trading EBITDA

49.2

Don assets trading net profit

2009

2010

1H10

45%

21.9

17.5

69.8

106 15

2008

31.5 2.1

116.1 20.7

89.1

12.7

20.7

1H11

2008

2009

2010

1H10

56%

2.1 38.2

1H11

7.7

2008

2009

2010

1H10

1H11 21

Summary and outlook

• Good operational performance achieved across our portfolio of projects • Backlog of US$11.4 billion gives outstanding revenue visibility • Encouraging progress against our Integrated Energy Services strategy

• Sector-leading net margins in Engineering & Construction at around 11% and substantial net margin progression in Offshore Engineering & Operations

We are well on course to deliver like-for-like net profit growth in 2011 of at least 15% and in-line with current market expectations; we remain confident of more than doubling our 2010 recurring group earnings by 2015

22

Appendices

Appendix 1: Largest current EPC contracts Customer key: NOC/NOC led company/consortium

Joint NOC/IOC company/consortium

IOC/IOC led company/consortium

Original contract value to Petrofac

Asab onshore oil field development, Abu Dhabi

US$2,300m

Karan cogeneration and utilities, Saudi Arabia

Undisclosed

El Merk gas processing facility, Algeria

US$2,200m

Kauther gas compression project, Oman

US$350m

4th NGL train at Integrated Gas Development, Abu Dhabi

US$500m

Gas sweetening facilities project, Qatar

>US$600m

Majnoon early production system, Iraq

US$240m

Mina Al-Ahmadi refinery pipelines 2, Kuwait

US$400m

Raudhatain & Sabriyah fields water injection, Kuwait

US$430m

Laggan Tormore gas processing plant, UKCS1

>US$800m

South Yoloten gas processing plant and infrastructure, Turkmenistan

US$3,400m

Sepat offshore early production system, Malaysia1 In Salah southern fields development, Algeria

US$280m US$1,200m

Dec 08-----------Dec 09-----------Dec 10-----------Dec 11----------Dec 12----------Dec 13 1 Scope shared between E&C and OEO

24

Appendix 2: Effective tax rate Tax charge by segment

1H 2011 reported

2010 reported

Engineering & Construction

14%

17%

Offshore Engineering & Operations

19%

27%

Engineering, Training and Production Solutions

7%

(4%)

Energy Developments1

63%

50%

• Engineering & Construction and Offshore Engineering & Operations lower due to changes in the jurisdictions in which profits were earned • Engineering, Training and Production Solutions ETR higher due to higher profitability in Engineering Services • Energy Developments higher due to tax credits available to entities operating in the UKCS having been eliminated following the EnQuest demerger

1 Excluding the US$124.9m gain on the EnQuest demerger (non-chargeable gain for UK tax)

25

Appendix 3: Segmental performance •

Engineering & Construction earned 67% of revenue and 80% of net profit



Middle East and Africa: remains a key geographic market for Engineering & Construction



CIS & Asia: primarily relates to activity in Malaysia across the group, with an increasing contribution from Turkmenistan



Europe: activity principally in UK North Sea, where majority of Offshore Engineering & Operations revenues are generated 1H 2011 Revenue

7%

1H 2011 Net Profit

6%

5%3%

1H 2011 Revenue

19%

1%

12%

20% 22%

67%

58%

80%

E&C

OEO

ETSPS

ED

E&C

OEO

ETSPS

ED

Middle East & Africa

CIS & Asia

Europe

Other 26

Appendix 4: Employee numbers •

14,600 people in 6 key operating centres and 21 offices worldwide



EPC headcount includes the engineering offices in Mumbai, Chennai and Delhi, which although reported in ETSPS principally support E&C activities



Approximately 4,500 employee shareholders or participants in employee share schemes

EPC headcount 7,800 7,000 5,600 4,400 3,300 2,400

2006

2007

Indonesia

2008

2009

India

2010 1H11

UAE and sites

Operating centre

Country office

27

Appendix 5: EPC risk management

100%

Final acceptance certificate

Manage/support local construction contractors

Robust Completion systems to facilitate smooth startup

Provisional acceptance certificate Well-established procedures assist project team to manage in-house engineering; contractual terms with vendors and subcontractors finalised

Review of key technical and commercial risks and mitigants by Risk Committees / Board; negotiation of contract terms Careful selection of partners, subcontractors and vendors – build up pricing from ground-up; early stage engineering (many thousands of manhours)

Mechanical completion Effective Date

Profit recognition

Integrated procurement team manage buying, inspection and expediting

Revenue recognition

Assessment of customer and country risk and development of high-level execution strategy

100% 0%

Warranty phase Execution phase (typically 2-4 years) Proposal phase

Project risk

28

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 period 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 customer 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. Order intake comprises new contracts awarded, growth in scope of existing contracts and the rolling increment attributable to contracts which extend beyond five years. • 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 2011 interim dividend from US dollars into Sterling is based upon an exchange rate of US$1.6510:£1, being the Bank of England Sterling spot rate as at midday, 19 August 2011. • Operating profit means profit from operations before tax and finance costs.

29

Contact information: Jonathan Low Head of Investor Relations [email protected] 020 7811 4900

Tess Palmer Investor Relations Officer [email protected] 020 7811 4900