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Petrofac to exit Mexico with stake sale

Oilfield services company Petrofac Ltd. will end its operations in Mexico after the sale of its remaining 51% stake to partner Perenco (Oil & Gas) International Ltd. for up to $276 million.

Petrofac received an initial $37.5 million upon signing and will be given another $82.5 million upon closing, but the deal value could reach up to $276 million depending on future milestones, according to a Sept. 19 news release from Petrofac.

Petrofac said it will use the proceeds to cut gross debt.

The sale, which is subject to regulatory approval and is expected to be completed in 2020, includes the Santuario production sharing contract and the Magallanes and Arenque production enhancement contracts.

The company sold a 49% interest in its Mexican operations to Perenco in October 2018.