Press Release
28 June 2018
DISPOSAL OF CHERGUI ASSET
Petrofac announces that it has agreed the sale of its entire 45% interest in the Chergui asset in Tunisia to Perenco. This sale marks another milestone in the Group's strategy to transition back to a capital light business model by divesting non-core assets and follows the recent disposal of the JSD6000 offshore pipelaying vessel project.
All Chergui employees will transfer to Perenco as part of the transaction, which is expected to conclude before the end of the year. Petrofac is expected to book a small gain on the transaction.
Chief Financial Officer Alastair Cochran said: "This transaction demonstrates we are delivering on our clear strategy of focusing on our core and reducing capital intensity."
Ends
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
[email protected]
Alison Flynn, Group Head of Communications
[email protected]
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
[email protected]
Martin Robinson
LEI 2138004624W8CKCSJ177
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 12,500 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
