Press

Petrofac: Completion of Sale of 49% of Mexico Operations

Posted by OilVoice Press - OilVoice

19-Oct-2018


Petrofac 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).

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.

PetrofacDivestmentMexicoPerencoCOFECE

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