Petrofac has signed an agreement to sell Petrofac GSA Holdings to Ithaca Energy for a total consideration of up to $292 million.
Petrofac GSA Holdings owns Petrofac’s 20 percent interest in the Greater Stella Area development — located in the heart of the Central Graben area of the Central North Sea, on the U.K. Continental Shelf — and its 24.8 percent interest in the FPF1 floating production facility. Petrofac GSA Holdings also owns Petrofac’s long-term receivable from the GSA joint operation partners.
The transaction is expected to complete in first quarter 2019 and is subject to several conditions precedent, including completion of Ithaca’s acquisition of Dyas UK Limited’s 25 percent interest in the Greater Stella Area development and its shares in the FPF1 Company in accordance with the agreement executed by Ithaca and Dyas.
“This disposal marks a further milestone in our journey back to a capital-light business and, along with recently agreed transactions in Mexico and Tunisia, marks the significant progress we are making on our stated strategy,” said Ayman Asfari, Petrofac’s group chief executive.
