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Disposal of Chergui Asset

Source: www.gulfoilandgas.com 6/28/2018, Location: Africa

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Petrofac 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.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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