Petrofac Limited Petrofac sells stake in P co contract (5958O)

TIDMPFC

RNS Number : 5958O

Petrofac Limited

22 August 2017

Press Release

22 August 2017

PETROFAC SELLS STAKE IN PÁNUCO CONTRACT TO SCHLUMBERGER

Petrofac and Schlumberger today announce that Petrofac has sold its 50% interest in Petro-SPM Integrated Services S.A. de C.V (1) to Schlumberger. Petro-SPM operates the Pánuco Integrated Service Contract in Mexico. Schlumberger now owns 100% of Petro-SPM.

The total potential consideration is in line with the net book value of Petrofac's interest and comprises cash on completion and deferred consideration. The deferred consideration comprises both a payment on migration from an Integrated Service Contract to a new contract form and a further share of post migration cash flows.

Rob Jewkes, Chief Operating Officer, Petrofac Integrated Energy Services, commented: "We are pleased to conclude this transaction, which is in line with our strategy and simplifies the ownership of the Pánuco field. We will continue to focus on the remaining production service contracts in our Mexican portfolio."

"We consider Mexico's Energy Reform as a significant step in the evolution of the country's oil and gas industry, and we are optimistic in regard to the various business opportunities created under the new reforms," said Patrick Schorn, Executive Vice President, New Ventures, Schlumberger. "This transaction aligns with our well-established portfolio of production management projects and enables us to move forward with our plans to continue to develop the Pánuco field."

This transaction was completed on August 15, 2017.

Ends

Notes

(1) Petrofac's 50% interest in Petro-SPM Integrated Services S.A. de C.V. was held 0.01% through Petrofac Mexico S.A. de C.V. and 49.99% through Petrofac Netherlands Coöperatief U.A.

For further information, contact:

Investors

Petrofac Limited

Jonathan Low, Head of Investor Relations

Jonathan Edwards, Investor Relations Manager

[phone]

Schlumberger Limited

Simon Farrant, Vice President of Investor Relations

Joy V. Domingo, Manager of Investor Relations

Tel: [phone]

[e-mail]

Media

Petrofac

Alison Flynn, Group Head of Communications

Tel: [phone]

Tulchan Communications Group Ltd

Martin Robinson

Tel: [phone]

[e-mail]

Schlumberger

Susan Ganz, Public Relations Manager-Western Hemisphere

Tel: [phone]

[e-mail]

LEI 2138004624W8CKCSJ177

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil & gas assets.

With approximately 13,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $27.81 billion in 2016. For more information, visit www.slb.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 22, 2017 02:01 ET (06:01 GMT)