Oilfield services player Petrofac has bought a 15 per cent stake in Nigerian production and development company Seven Energy International and plans to work with the company to help it build up its business.
p style="margin-bottom: 0cm;">Oilfield services player Petrofac has bought a 15 per cent stake in Nigerian production and development company Seven Energy International and plans to work with the company to help it build up its business.
The agreement will also see the two companies look for joint investment opportunities in Nigeria.
“Subject to certain conditions being met, Petrofac has agreed to invest $100mn to acquire a 15 per cent interest (12.6 per cent on a fully diluted basis) in Seven Energy and will assist Seven Energy with the development of its production, processing and transportation assets,” said Petrofac in a statement.
Subject to certain performance conditions and milestones in relation to project work, Petrofac may invest a further $52mn into Seven Energy, and take its interest to 19.2 per cent on a fully diluted basis, added Petrofac.
Petrofac will be provide experienced personnel to assist with the delivery of some of Seven Energy's existing projects and will be represented on its board and management committees.
