September 19, 2019 / 12:29 PM / 5 months ago

CORRECTED-Petrofac to divest remaining stake in Mexico for up to $276 mln (Sept. 19)

(Adds dropped word “up to” in headline and first paragraph)

Sept 19 (Reuters) - Oilfield services company Petrofac Ltd said it would sell its remaining 51% interest in its Mexico operations to Perenco (Oil & Gas) International Ltd for up to $276 million.

Petrofac said the sale includes the company’s Santuario, Magallanes and Arenque contracts and that it would use the proceeds to cut debt.

“This disposal reinforces our position as a capital-light business and represents further progress in our stated strategy to enhance returns,” Petrofac Chief Executive Officer Ayman Asfari said in a statement. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)

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