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Strategic Alliance with Seven Energy

Source: www.gulfoilandgas.com 11/25/2010, Location: Africa

Petrofac has entered into a strategic alliance with Seven Energy International Limited (Seven Energy). Subject to certain conditions being met, Petrofac has agreed to invest US$100 million, funded from cash resources, to acquire a 15.0% interest (12.6% on a fully diluted basis) in Seven Energy and will assist Seven Energy with the development of its production, processing and transportation assets.

Seven Energy has also issued warrants to Petrofac which, subject to Petrofac’s satisfaction of certain performance conditions and milestones in relation to project execution, will enable Petrofac to invest up to a further US$52 million into Seven Energy, and take its interest to 19.2% on a fully diluted basis. Petrofac will be providing experienced personnel to assist with the delivery of Seven Energy’s key existing projects and will be represented on its Board and management committees. The agreements also provide for an arrangement between Petrofac and Seven Energy in relation to co-investment opportunities in Nigeria. In addition to Petrofac’s investment, existing and other new investors have agreed to invest a further US$50 million in Seven Energy.

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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 

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


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