Final Results8 March 2010

2009

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 2009. 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

Note: all figures presented above are for the group’s continuing operations and are for financial years ended 31 December (US$ millions); * Net profit is profit for the year attributable to Petrofac Limited shareholders

Headlines

• Strong financial performance in 2009

• Backlog increased to US$8.1bn following record order intake of US$7.3bn; gives excellent revenue visibility

• Delivering on Energy Developments strategy with demerger of Don assets

• Continuing focus on project execution

• Well positioned to deliver strong growth in 2010 and over medium-term

1,485

1,864

2,440

3,6553,330

2005 2006 2007 2008 2009

Revenue

3

75.4

120.3

188.7

353.6

265.0

2005 2006 2007 2008 2009

Net profit*5 yr CAGR 25% 5yr CAGR 47%

Backlog

3,244

4,173

4,441

8,071

3,997

2005 2006 2007 2008 2009

5 yr CAGR 26%

33%10%102%

3

Energy Developments – leveraging service capabilities

• Energy Developments remains core part of business model and integral to strategy

• Recent senior appointments in business development and energy infrastructure

• Continue to review a number of upstream and energy infrastructure opportunities, including deployment of FPF1

Identification of upstream and infrastructure assets where co-investment can mitigate development risks, enhance returns and align interests with partners

Opportunities identified to addfurther value to developed assets;opportunities for sale or swap identified

Project management skills and service capabilities deployed to successfully

develop assets

Energy Developments’

strategy

4

Energy Developments – demerger of UKCS assets

• First major demonstration of harvest strategy with distribution to our shareholders

• EnQuest assets geographically and operationally complementary and synergistic

• Strong balance sheet and cashflow to support growth strategy

5

Lu

nd

in

sh

are

ho

lders

Petr

ofa

c

sh

are

ho

lders

2P reserves: 62.9 million barrels*

2P reserves: 17.7 million barrels*

� Don Southwest (60%)

� West Don (27.7%)

� Elke Discovery (100%)

� Heather (100%)

� Deveron (99%)

� Thistle (99%)

� Broom (55%)

55%45%

62°N211/1a, 2a & 3a

W. Don & Don SW

Thistle

Heather & Broom

3/11a

Peik

14/30a

Scolty Area

Elke

0 100km

60°N

58°N

2°W 0°W 2°E

Shetland

Orkney

Scotland

5

Deveron

* As per Competent Person’s Report prepared by GCA for EnQuest

Energy Developments – value creation on Don

Commercial production achieved in a record time for the Northern North Sea

Northern Producer

Overview of assets

� Don Southwest discovered by Britoil in 1976; West

Don discovered in 1975 by Burmah Oil

� Both assets lay fallow following period of inactivity

until 2006

Development Timetable

Don Assets development highlights

� Achieved agreement from partners to develop the fields together

� Streamlined project structure; limited reliance on external

suppliers

� Innovative commercial structure - oil price and production related

tariffs aligned interests of suppliers with partners

� Familiarity with infrastructure

� Minimisation of capex and

offshore work

� Reduction in field

development time

� Able to move rapidly from

initial concept evaluation to

offshore production

operations

� Able to progress well

planning, development

program, subsurface and

facilities development all in

parallel

Operatorship

Refurbishment

of Northern

Producer

Engineering

heritage

� Feb-06: Acquisition of West Don from BP and

Conoco; 27.7% interest; assume operatorship

� Dec-06: Acquisition of Don South West from BP

and Conoco; 60% interest; assume operatorship

� Dec-07: Commitment to use the Northern Producer

� Feb-08: Field Development Programme submitted

� May-08: Northern Producer modification begins

� May-08: Field Development Programme approval

� Oct-08: Northern Producer modification complete

� Nov-08: Safe mooring of Northern Producer

� Apr-09: First oil at West Don, less than one year

from FDP approval

� Jun-09: First oil at Don South West

6

Energy Developments – demerger of UKCS assets

Each of the times and dates in the above timetable is based on current expectations and is subject to change

Circular posted to Petrofac shareholders 4 March

EnQuest PLC price range prospectus published 18 March

EGM of Petrofac 29 March

London Admission of EnQuest Shares 6 April

Stockholm Admission of EnQuest Shares 19 April

Despatch of definitive share certificates for EnQuest Shares to Petrofac Shareholders

By 19 April

7

Energy Developments – 2009 operational update

• Cendor, Malaysia:

– produced average of 14,400 bpd (2008: 14,700 bpd), with uptime of over 99 per cent

– FEED study for second phase commissioned; FDP submission expected 2H 2010

• Chergui, Tunisia:

– produced average of 26.5 million standard cubic feet per day (mmscfd) of gas during the year (2008, from August to December: 24.3 mmscfd)

– we expect to tie-in a third well during 2010, which should see an increase in capacity

• Ohanet

– production was 123,100 bpd of oil equivalent (2008: 147,500 bpd), due in part to a planned shutdown in late 2009

• KPC - refinery performed in line with expectations, producing an average of approximately 2,000 bpd (2008: 2,800 bpd) of products

• FPF1 – in dry dock facility in Newcastle-upon-Tyne, while options for upgrade, modification and redeployment are being developed

8

2,100 2,200 2,500

6,200

2,400

2005 2006 2007 2008 2009

Engineering & Construction – building capability

• Building capability and capacity to maintain our focus on strong operational performance as we grow

• Business infrastructure and risk management procedures are developing to reflect increasing scale and complexity of business

• Strong position to recruit talent and have broadened senior management team

9

2,200 2,400

3,300

5,600

4,400

2005 2006 2007 2008 2009

UAE and sites India Indonesia

EPC headcount

24.5 22.1

31.8

43.436.7

2005 2006 2007 2008 2009

EPC manhours managed (m) E&C backlog (US$m)5 yr CAGR 26% 5 yr CAGR 15% 5 yr CAGR 31%

Engineering & Construction – addressable market

• Long-term drivers remain robust

• Market opportunity sufficiently large to fulfil our growth aspirations

• Good visibility of prospects in key markets over next three years

• Complemented by opportunities in new countries and regions, including Turkmenistan

10

62%14%

14%

10%

Middle East North Africa Other Africa CIS

* Based upon specific identified projects, anticipated to be awarded between 2010 and 2012

61%

33%

6%

Upstream Downstream LNG

Short/medium-term addressable market* > US$200bn

Offshore Engineering & Operations

11

• Customers’ focused on more effective management of supply-chain

• Bidding levels increased as year progressed and continues to be active

• Success in securing new awards and extensions with major IOCs

– Apache (£75m over 3-years)

– BP (£100m over 5 years)

OEO backlog by year (US$bn)

0.5

0.4

0.7

2010 2011 > 2011

OEO order intake (US$m)

800

1,500

600

1,000

700

2005 2006 2007 2008 2009

Engineering, Training, Production Solutions

12

Engineering Services

• Reduction in man-hours sold as customers rescheduled early-stage work; Indian offices continue to grow to support E&C

• New business opportunities increasing, particularly internationally

Training Services

• Fewer delegate days as discretionary expenditure postponed

• Business development prospects improving; particular focus on larger projects which build on other service opportunities

Production Solutions

• Strong operational performance on Dubai Petroleum service operator contract throughout 2009

• Pursuing opportunities to deliver packaged Production Solutions on tariff or quasi-equity basis

12

Income Statement

33%265.0353.6Profit for the year attributable to Petrofac Limited shareholders

41%25.4 cents35.8 centsFull year dividend

34%77.1 cents103.2 centsEPS (diluted)

52.7%47.7%ROCE

33%419.0559.0EBITDA

265.0363.0Profit for the year

(93.4)(84.5)Income tax expense

25%358.4447.5Profit before tax

24%355.6441.2Operating profit

10%3,329.53,655.4Revenue

2008US$m

2009US$m

13

Cash flow and gross cash balances

Dec 2007 Operating Investing Other Dec 2008 Operating Investing Other Dec 2009

Strong cash generation continues…

• Gross cash balances grown to US$1.4bn, despite significant investing activities

• Growth in 2009 due primarily to profits generated from operations, including customer cash advances on new contract awards

1,417.4

(118.9)(343.3)

694.4

1,185.2

(79.2)(315.6)507.6

581.6

Gross cash position and cash flow movements (US$m)

= ‘cash advances’, measured as ‘Advances received from customers’ + ‘Billings in excess of cost and estimated earnings’

less amounts billed in advance but not received

607.6

168.8162.6

14

Backlog

Backlog more than doubled since December 2008…

• Engineering & Construction backlog increased to US$6.2bn (2008: US$2.4bn) due to record order intake during year

• Offshore Engineering & Operations backlog increased to US$1.6bn (2008: US$1.1bn) -contract wins with Apache and BP

• Engineering, Training Services and Production Solutions backlog US$0.3bn (2008: US$0.5bn)

15

2009 backlog (US$bn)

6.2

1.6

0.3

E&C OEO ETSPS

E&C backlog by year (US$bn)

2.6

1.9

1.7

2010 2011 > 2011

E&C backlog

62%

36%

2%

Middle East North Africa CIS

Engineering & Construction

Engineering & Construction continues to perform strongly…

• Revenue �26% - high activity levels in Middle East and North Africa

• Net profit �28%

• Net profit margin maintained at 10.6%

16

Revenue (US$m)

1,170

1,994

2,509

2007 2008 2009

Net profit (US$m) and margin

122.5

206.3

265.1

10.5% 10.4% 10.6%

2007 2008 2009

EBITDA (US$m) and margin

140.3

252.4

346.5

12.0% 12.7% 13.8%

2007 2008 2009

26%

Offshore Engineering & Operations

OEO activity levels lower but reported results impacted by £/US$ fx rate…

• On constant currency basis net revenue �7%, net profit �5%

• Net margin on net revenue broadly unchanged at 2.9%

• Average £/US$ fx rates: 2007 – 2.01; 2008 – 1.85; 2009 – 1.56

17

Revenue (US$m)

180 221

190

775 777

627

2007 2008 2009

Pass-through revenue

Net profit (US$m) and margin*

19.2

16.4

12.8

3.2% 3.0%

2.5%2.1% 2.0%

2.9%

2007 2008 2009

EBITDA (US$m) and margin

31.5

24.7

19.7

4.1%3.2% 3.1%

2007 2008 2009

19%

* dotted line indicates net margin on revenue net of pass-through revenue

Engineering, Training, Production Solutions

Significantly lower activity levels in Engineering Services and Training Services…

• Revenue �31% due to fewer engineering manhours and training delegates

• Net margins on net revenue higher at 10.4% due to:

– good operational performance on Dubai Petroleum contract

– increased contribution from lower-cost Indian engineering offices

18

Revenue (US$m)

4755

40

450510

350

2007 2008 2009

Pass-through revenue

Net profit (US$m) and margin

24.3

33.1 32.4

6.0% 7.3%10.4%

9.3%6.5%5.4%

2007 2008 2009

EBITDA (US$m) and margin

53.3

61.9

42.6

12.1% 12.2%11.8%

2007 2008 2009

31%

* dotted line indicates net margin on revenue net of pass-through revenue

Energy Developments

19

Revenue (US$m)

133153

249

78

2007 2008 2009

Don assets

EBITDA (US$m)

82.889.1

160.9

49.2

2007 2008 2009

81%62%

Growth in revenue and EBITDA …

• Revenue �62% and EBITDA �81%

– commenced production from Don assets (2009 gross production: 3.1m barrels)

– full year of exports from the Chergui gas plant in Tunisia (2008: < 5 months)

– (Brent) oil price averaged US$62 per barrel (2008: US$97)

• Underlying growth in portfolio ex-Don assets

Summary and outlook

• Exceptional 2009 performance, with earnings growth of 33%

• Record order intake of US$7.3bn demonstrates strong position in core markets

• Backlog of US$8.1bn gives high level of revenue visibility for 2010 and beyond

• Core markets have strong growth prospects

• Engineering & Construction sector leading margins maintained

• First demonstration of Energy Developments harvest strategy with demerger of Don assets

We expect: “…. strong growth in our business in 2010 and over the medium-term.”

20

Appendices

Appendix 1: 10 largest current EPC contracts

Dec 06-----------Dec 07-----------Dec 08-----------Dec 09-----------Dec 10-----------Dec 11----------Dec 12--����

In Salah gas compression, Algeria

Harweel EORplant, Oman

US$600m

US$983m

Original contract value to Petrofac

Jihar gas plant, Syria

Ebla gas plant, Syria

US$454m

US$477m

Mina Al-Ahmadi refinery pipelines, Kuwait US$543m

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

4th NGL train at Integrated Gas Development, Abu Dhabi

US$350m

US$500m*

* US$2.1 billion contract awarded to Petrofac Emirates (PE)/GS partnership; PE scope c. US$1.0 billion; PE is a 50/50 JV with Mubadala Petroleum Services LLC

Customer key:

NOC/NOC led company/consortiumJoint NOC/IOC company/consortiumIOC

Appendix 2: Effective tax rate

• Engineering & Construction lower due to confirmation of applicability of lower tax rate in relation to group’s projects in Oman

• Engineering, Training and Production Solutions lower due to shift in profitability from UK to overseas

• Energy Developments lower due to fully utilised tax allowances available during 2009, including claiming ring-fenced expenditure supplement available to operators within UKCS

Tax charge by segment 2009 2008 reported reported

Engineering & Construction 18% 21%

Offshore Engineering & Operations 27% 26%

Engineering, Training and Production Solutions 2% 27%

Energy Developments 31% 50%

Appendix 3: Segmental performance

• Engineering & Construction earned 67% of revenue and 74% of net profit

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

• Europe: activity principally in UK North Sea, where majority of Offshore Engineering & Operations revenues are generated

• CIS & Asia: primarily relates to Engineering & Construction activity in Kazakhstan

24

2009 revenue

67%

17%

9%7%

E&C OEO ETSPS ED

2009 net profit

74%

4%

9%

13%

E&C OEO ETSPS ED

2009 revenue

70%

21%

8%1%

Middle East & Africa Europe CIS & Asia Other

11,700 people in 5 key operating centres and 19 offices 25

Operating centre Country office

550

2,350

3,650 4,150

250750

Aberdeen Woking Sharjah Mumbai Chennai Sites and

other

E&C OEO ETSPS ED

Headcount analysis:

Appendix 4: Employee numbers

Appendix 5: Energy Developments’ 2P reserves

18 February 2010

26

Reserves Review Board 1-J

an-0

9

Revis

ions

Additi

ons

Acquis

itions

Pro

ductio

n

31-D

ec-0

9

-20

-10

0

10

20

30

40

Oil E

qu

ivale

nt

(mm

bo

e)

PROVED PLUS PROBABLE RESERVES

W Don

Don SW

Chergui

Cendor

Ohanet

33.9

(9.9)

(4.0)

29.6

9.6

Appendix 6: Organisational structureR

ep

ort

ing

S

eg

men

ts

Production Solutions

Energy Developments

TrainingEngineering

Services

Offshore Engineering &

Operations

Engineering & Construction

Ventures

Engineering & Construction

Sharjah

Engineering & Construction

Offshore Engineering &

Operations

Engineering, Training Services andProduction Solutions

Energy Developments

Dubai Petroleum

SPDEclipseCaltec

i-PerformPlant Asset

Mgmt.

Co-investment in upstream and energy

infra-structure assets

Health & Safety training

Technical training

Consultancy

Reimbursable engineering

• Woking• Mumbai• Chennai

Operations Management

Offshore Projects

EPC in new markets:

Abu DhabiSaudi Arabia

LNG

Sharjah EPC business

Bu

sin

ess

Un

its

Ke

y E

lem

en

ts

progress

Final

acceptance

certificate

Effective Date

Provisional

acceptance

certificate

100%

0% 100%Mechanical

completion

Asse

ssment o

f custo

mer a

nd co

untry risk

and

development o

f high-le

vel executio

n stra

tegy

Careful se

lectio

n of p

artn

ers, su

bcontra

ctors a

nd

vendors –

build up pricin

g fro

m ground-up; e

arly

stage engineerin

g (m

any th

ousands o

f manhours)

Revie

w of key te

chnica

l and co

mmercia

l risks

and mitig

antsby R

isk Committe

es /

Board;

negotia

tion of co

ntra

ct te

rms

Well-e

stablish

ed procedures a

ssist

project te

am to

manage in-house

engineerin

g; co

ntra

ctual te

rms w

ith

vendors a

nd su

bcontra

ctors fin

alise

d

Integrated procurement te

am

manage buyin

g, in

spectio

n and

expeditin

g

Manage local

constru

ction co

ntra

ctors

Mitigation measures

Proposal phase Execution phase (typically 2-4 years)

Warranty phase

Appendix 7: EPC risk management

Project risk

Revenue recognition

Profit recognition

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 2009 final dividend from US dollars into Sterling is based upon an exchange rate of US$1.5038:£1, being the Bank of England Sterling spot rate as at midday, 5 March 2010.

• Operating profit means profit from operations before tax and finance costs.29