Further to its announcement on 24 August 2018, Petrofac Limited announces that it has completed the sale of Petrofac GSA Holdings Limited (1) to Ithaca Energy (UK) Limited.

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.

(1) 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.

(2) 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.

About Petrofac

Petrofac is an international service provider to the oil and gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil and gas companies.

Petrofac designs, builds, operates and maintains oil and gas facilities, delivered through a range of innovative commercial models, enabling it to respond to the distinct needs of each client and helping them to transform the value of their assets across the oil and gas life cycle.

Petrofac’s service offering is underpinned by its ability to develop resource holders’ local capability through the provision of skills training with competency development and assurance frameworks. Around 20,000 employees operate out of seven strategically located operational centres, in Sharjah, Aberdeen, Abu Dhabi, Woking, Chennai, Mumbai, and Kuala Lumpur and a further 24 offices worldwide.

Petrofac is quoted on the London Stock Exchange (symbol: PFC)

About Ithaca Energy

Ithaca Energy Limited is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio. The Company is a wholly owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited (TASE: DLEKG, US ADR: DGRLY), Israel’s leading integrated energy company.