Completion of sale of interest in GSA development

RNS Number : 1764K

Petrofac Limited

12 December 2018

 

Press Release

12 December 2018

COMPLETION OF SALE OF INTEREST IN GREATER STELLA AREA DEVELOPMENT

Further to its announcement on 24 August 2018, Petrofac Limited ("Petrofac") announces that it has completed the sale of Petrofac GSA Holdings Limited ⁽¹⁾ to Ithaca Energy (UK) Limited ("Ithaca").

The gross consideration on completion was US$146 million ⁽²⁾. Ithaca will pay a further US$120 million of non-contingent deferred consideration in the period 2020-2023. A further US$25 million of contingent consideration is payable depending on field performance.

NOTES

1)      Petrofac GSA Holdings Limited owned Petrofac's 20% interest in the Greater Stella Area (GSA) development and its 24.8% interest in the FPF1 floating production facility. Petrofac GSA Holdings Limited also owned Petrofac's long-term receivable from the GSA joint operation partners.

2)      On completion, Petrofac received US$146 million of gross consideration, including a net working capital adjustment and a US$3 million contingent payment relating to FPF1 uptime. Net consideration was US$106 million, comprising gross consideration less free cash flow generated since the transaction effective date of 1 January 2018.

ENDS

For further information contact:

Petrofac Limited      

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Alison Flynn, Group Head of Communications

[e-mail] 

[phone]

Tulchan Communications Group

[phone]

[e-mail]

Martin Robinson

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 12,750 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

 

END

 

 

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