Petrofac Mulls North Sea Assets

1 February 2010 (Last Updated February 1st, 2010 18:30)

Oil and gas services company Petrofac (PFC.L) has announced it regularly reviews options for its assets, in response to media speculation regarding the possible demerger of its interests in the Don area of the North Sea. Petrofac is believed to be in negotiations to demerge its oil and

Oil and gas services company Petrofac (PFC.L) has announced it regularly reviews options for its assets, in response to media speculation regarding the possible demerger of its interests in the Don area of the North Sea.

Petrofac is believed to be in negotiations to demerge its oil and gas assets by creating a separate company that is listed on the London Stock Exchange, according to a report in the Financial Times.

According to sources close to the case, the company has been in discussions since last year about options for its billion-dollar oil and gas assets portfolio.

In response to this story, the company said that it aims to create value in assets held by its energy development unit by leveraging the capabilities of the group's services businesses.

Petrofac said options for individual assets are regularly reviewed and if an opportunity arises to crystallise value on attractive terms for its stakeholders, an announcement would be made.