30th Jul 2018 18:01
LONDON (Alliance News) - Petrofac Ltd on Monday said it agreed to sell 49% of its operations in Mexico to Perenco Oil & Gas International Ltd for USD200 million.
The oilfield services provider said the transaction is subject to approval by the Federal Competition Commission of Mexico, which is expected in the fourth quarter of 2018.
The disposal includes Santuario, Magallanes and Arenque operations. Under the terms, Petrofac will secure USD30 million upon signing and USD170 million upon completion of the deal.
The company said it intends to use funds to reduce debt.
"We are delighted to welcome an experienced partner in Perenco to our Mexican operations," said Chief Executive Ayman Asfari.
"We look forward to working with them and the other stakeholders to further develop our mature field interests in Mexico," added Asfari.
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