Petrofac Limited Completion of sale of 49% of Mexico operations (5347E)
October 19 2018 - 1:00AM
UK Regulatory
TIDMPFC
RNS Number : 5347E
Petrofac Limited
19 October 2018
Press Release
19 October 2018
COMPLETION OF SALE OF 49% OF MEXICO OPERATIONS
Petrofac Limited ("Petrofac" or "the Company") announces that it
has completed the sale of 49% of the Company's operations in Mexico
to Perenco (Oil & Gas) International Limited ("Perenco"),
following approval from the Federal Competition Commission of
Mexico (COFECE).
ENDS
NOTES
Under the terms of the sale, announced on 30 July 2018, Petrofac
has been paid an initial cash consideration of US$200 million,
comprising US$30 million paid upon signing and US$170 million on
completion. The total consideration is capped at US$274 million and
comprises both fixed and contingent consideration dependent upon
the achievement of future milestones, including the future field
development and migration terms of Petrofac's Magallanes and
Arenque Production Enhancement Contracts. The initial and total
consideration payable is subject to upward or downward
adjustment.
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil
and gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil and gas companies. Petrofac is quoted
on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates,
maintains and manages facilities and trains personnel; enhances
production; and, where it can leverage its service capability,
develops and co-invests in upstream and infrastructure projects.
Petrofac's range of services meets its clients' needs across the
full life cycle of oil and gas assets.
With around 12,500 employees, Petrofac operates out of seven
strategically located operational centres, in Aberdeen, Sharjah,
Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a
further 24 offices worldwide.
For additional information, please refer to the Petrofac website
at www.petrofac.com
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END
DISFKFDNABDDBKD
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