Petrofac Limited Petrofac Sells Remaining 51% of Mexican Operations (9950M)
19 Septiembre 2019 - 06:59AM
UK Regulatory
TIDMPFC
RNS Number : 9950M
Petrofac Limited
19 September 2019
Press Release
19 September 2019
PETROFAC SELLS REMAINING 51% OF MEXICAN OPERATIONS
Petrofac Limited ("Petrofac") announces that it has today signed
an agreement to sell its remaining 51% interest in its operations
in Mexico(1)(2) , including Santuario, Magallanes and Arenque, to
Perenco (Oil & Gas) International Limited ("Perenco"). The
terms of the transaction are substantially the same as the sale of
a 49% non-controlling interest to Perenco in October 2018. The
transaction is subject to regulatory approval and is expected to
complete in 2020.
Under the terms of the agreement, Petrofac will receive an
initial US$37.5 million upon signing and a further minimum payment
of US$82.5 million upon completion. The total consideration of up
to US$276 million comprises a fixed amount and a series of
contingent amounts that depend upon future milestones, including
field development, commercial, service contract transition and
fiscal terms, and is subject to the level of achievement of the
milestones above. Proceeds from the sale will be used to reduce
gross debt.
Petrofac's Group 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."
Perenco CEO, Mr Benoit de la Fouchardière, said: "The signing of
this agreement to acquire the remaining shares in Petrofac's Mexico
operations marks another strategic move for Perenco, which will
allow us to accelerate the deployment of our expertise in relation
to the Santuario, Magallanes and Arenque assets. We believe that
our unique know-how will significantly enhance the production and
value of these mature fields and allow us to address all the
associated challenges."
"Through our daily performance and the full commitment and
support of the Perenco team we will demonstrate to the State
company Pemex that we are the clear partner of choice for the
future of these types of mature assets."
NOTES
1) This transaction will be effected by the sale of Petrofac's
remaining 51% interest in Petrofac Netherlands Holding B.V., which
indirectly holds the Santuario Production Sharing Contract, the
Magallanes Production Enhancement Contract (a
tariff-per-barrel-based service contract) and the Arenque
Production Enhancement Contract.
2) The gross assets being disposed of had a carrying amount of
US$666 million at 31 December 2018. The net assets being disposed
of had a carrying amount of US$548 million at 31 December 2018.
Related non-controlling interest as at 31 December 2018 stood at
$266 million. The assets being disposed of made an underlying
business performance profit of US$2 million for the year ended 31
December 2018 (51% share equals approximately US$1 million).
3) The uncertainty surrounding the Mexican Energy Reform
programme is expected to result in a small non-cash impairment
charge. An impairment charge will take into account, inter alia,
management's assessment of the fair value of contingent
consideration, which will include an assessment of future
Production Enhancement Contract transitions.
ENDS
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Aaron Clark, Investor Relations & Communications Manager
aaron.clark@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
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 11,250 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISBBGDCSUBBGCC
(END) Dow Jones Newswires
September 19, 2019 07:59 ET (11:59 GMT)
Petrofac (LSE:PFC)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Petrofac (LSE:PFC)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024