Petrofac Sells Stake in Mexican Oil Field

By Tapan Panchal Features Dow Jones Newswires

Petrofac Ltd. (PFC.LN) said Tuesday that it has sold its 50% stake in the Panuco oil field in Mexico to partner Schlumberger for an undisclosed sum.

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The oil and gas company has sold its interest in Petro-SPM Integrated Services SA de CV, which operates the Panuco integrated service contract. Schlumberger now owns 100% of the contract.

The U.K.-listed company said the sale consideration is in line with the net book value of the interest and comprises cash on completion and deferred consideration. The sale was completed on Aug. 15.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

August 22, 2017 03:10 ET (07:10 GMT)