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Petrofac specializing in services to oil companies, announced that it will sell 49% of its business in Mexico to the French group Perenco which is looking for business opportunities in the country for energy reform.
In a statement issued on Monday, the two companies stated that the transaction is subject to the approval of the Federal Competition Commission (Cofece), which is estimated in the fourth quarter of this year. year.
Under the terms of the agreement, Perenco will pay an initial cash consideration of $ 200 million for 49% of the company in Mexico. The first will give 30 million at the time of the signing of the agreement and 170 million at the time of the merger.
"The total consideration consists of a fixed amount and contingent consideration based on a series of objectives that will be achieved in the future, including the development of oil fields and contract migration conditions. 39, improved production of Magallanes and Arenque de Petrofac in Mexico, "explained the company.
In 2012, Petrofac became the first foreign country to exploit oil fields in Mexico when Petróleos Mexicanos (Pemex) granted two integrated service contracts, which can now be converted into shared production. [19659006]
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