Troubled oil services group Petrofac PLC (LON:PFC) nudged higher on Tuesday after confirming it has sold its 50% stake in the Pánuco oil field in Mexico to partner Schlumberger.
Petrofac didn’t reveal the exact sum but said that the total potential consideration is “in line with net book value”.
The FTSE 250-listed company has already a chunk of cash from the deal completed last week, and it will receive another payment further down the line.
READ: ‘Business as usual’ says Petrofac, with key E&C division making “good progress”
"We are pleased to conclude this transaction, which is in line with our strategy and simplifies the ownership of the Pánuco field,” said chief operating officer Rob Jewkes.
“We will continue to focus on the remaining production service contracts in our Mexican portfolio.”
Petrofac shares were 2.3% higher in mid-morning trade to 443p. That’s still half what they were worth less than six months ago, before the Serious Fraud Office launched its investigation into the company.