Petrofac Sells 49 Percent of Mexico Operations
Petrofac announced Friday that it has completed the sale of 49 percent of its operations in Mexico to Perenco (Oil & Gas) International Limited, following approval from the Federal Competition Commission of Mexico (COFECE).
The terms of the agreement included an initial cash consideration of $200 million from Perenco, with $30 million payable upon signing and $170 million payable upon completion.
The net assets being disposed of had a carrying amount of $293 million at December 31, 2017, according to Petrofac.
Petrofac announced the sale on July 30 and stated at the time that it expected COFECE approval for the deal in the fourth quarter of this year.
“We are delighted to welcome an experienced partner in Perenco to our Mexican operations,” Petrofac’s Group Chief Executive, Ayman Asfari, said in a company statement published on July 30.
“They bring strong technical capability that will complement our existing brownfield operations experience to strengthen our offering. We look forward to working with them and the other stakeholders to further develop our mature field interests in Mexico,” he added.
Petrofac describes itself as a leading international service provider to the oil and gas production and processing industry. The company has locations all over the world.
In its half year results statement released August 29, Petrofac reported a net loss of $17 million, post impairments and exceptional items of $207 million.
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