The London-listed oil and gas engineer will additionally by given a 10% stake in a new special purpose vehicle set up to own the SD6000 vessel once commissioned.
It won’t contribute to construction, commissioning or testing costs but it will provide technical support through the process. The SD600 vessel is due to be complete in 2022.
“It is a further positive step in the execution of our stated strategy to focus on our core strengths, deliver organic growth and reduce capital intensity."
The gross US$190mln included a US$23mln amount held by Petrofac, under a previous arrangement with ZPMC, and the remaining US$167mln of cash will be received in tranches – the first US$92mln due within 20 days, and other US$70mln paid in stages tied to the transfer of physical assets and certain project milestones.