Petrofac Limited: Director/PDMR shareholding

24 March 2022         

Petrofac Limited (the 'Company')

Notification of Transactions by

Persons Discharging Managerial Responsibilities

Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby makes the following notifications in respect of its Directors and their vestings of ordinary shares of US$0.02 each in the Company (the 'Shares') under the Petrofac Performance Share Plan ('PSP') and Deferred Bonus Share Plan (DBSP), which took place on 23 March 2022.

PSP

PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant to the extent that performance conditions have been satisfied.  Awards are made at nil cost to participants.

Details of the vestings under the PSP which took place on 23 March 2022 for each Director, including the position before and after the vestings, are outlined below:     

1 The Shares held under the PSP for Ayman Asfari have been pro-rated for time, based on his retirement as an Executive Director on 31 December 2021.     

2 Ayman Asfari and Afonso Reis e Sousa each sold sufficient Shares to satisfy their tax liabilities. The share price for the Shares sold was 114.50 pence. Their shareholdings in the Company have therefore increased by the number of unsold vested Shares. In accordance with our share retention guidelines, unsold vested PSP Shares are subject to a two-year holding period until 23 March 2024.

 3 Following the end of the three-year performance period in respect of the 2019 PSP award, the performance conditions were such that 6% of the award vested.  The balance of Shares lapsed.

DBSP

Under the DBSP, selected employees are required to defer a proportion of their annual cash bonus in Shares. Prior to Afonso Reis e Sousa's appointment as a Director of the Company he was entitled to participate in the DBSP.

Details of the vesting under the DBSP which took place on 23 March 2022, including the position before and after the vesting, are outlined below:  

1 Afonso Reis e Sousa sold sufficient Shares to satisfy his tax liability. The share price for the Shares sold was 114.50 pence. His shareholdings in the Company have therefore increased by the number of unsold vested Shares.

Following the above-noted transactions, the PDMRs and their connected persons hold the following beneficial interests in the Company:

The Company's issued share capital consists of 521,157,442 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

For further information contact:

Alison Flynn, Group Head of Communications

alison.flynn@petrofac.com

+44 (0) 207 811 4913

Jonathan Yarr, Head of Investor Relations

jonathan.yarr@petrofac.com

+44 (0) 207 811 4931

Tulchan Communications Group Ltd                                  

Martin Robinson

Tel: +44 (0) 20 7353 4200

petrofac@tulchangroup.com