(Alliance News) - Oilfield services firm Petrofac Ltd has sold its remaining stake in Mexican operations for almost USD280 million, it said on Thursday.
The 51% stake in Petrofac Netherlands Holding BV, which has interests in the Santuario, Magallanes, and Arenque projects, has been sold to Perenco Oil & Gas International Ltd.
Perenco bought 49% off Petrofac in October 2018 for USD200 million, with the deal having been agreed in July of that year.
For the remaining 51%, Petrofac will get USD37.5 million upfront, and then USD82.5 million once the sale completes. However, the amount could reach USD276 million.
This depends on the projects reaching a number of future milestones, including development, commercial, contract, and fiscal objectives.
Petrofac Chief Executive Ayman Asfari said:"This disposal reinforces our position as a capital-light business and represents further progress in our stated strategy to enhance returns.
"We are proud of the work we have done since 2011 to enhance production from our operations in Mexico and, in particular, of the country's first ever contract migration, which we achieved for the Santuario field in partnership with Pemex and the Mexican authorities."
Petrofac shares were 0.7% lower on Thursday afternoon in London at 426.00 pence each.
Petrofac (PFC)