12 December 2018
Completion of Sale of Interest in Greater Stella Area Development
Further to its announcement on 24 August 2018, Petrofac Limited (“Petrofac”) announces that it has completed the sale of Petrofac GSA Holdings Limited (1) to Ithaca Energy (UK) Limited (“Ithaca”).
The gross consideration on completion was US$146 million (2). Ithaca will pay a further US$120 million of non-contingent deferred consideration in the period 2020-2023. A further US$25 million of contingent consideration is payable depending on field performance.
- Petrofac GSA Holdings Limited owned Petrofac’s 20% interest in the Greater Stella Area (GSA) development and its 24.8% interest in the FPF1 floating production facility. Petrofac GSA Holdings Limited also owned Petrofac’s long-term receivable from the GSA joint operation partners.
- On completion, Petrofac received US$146 million of gross consideration, including a net working capital adjustment and a US$3 million contingent payment relating to FPF1 uptime. Net consideration was US$106 million, comprising gross consideration less free cash flow generated since the transaction effective date of 1 January 2018.