Completion of sale of 49% of Mexico operations

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      

[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

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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