Schlumberger has bought out Petrofac’s 50% interest in Petro-SPM Integrated Services, now owning the entire entity which operates the Pánuco Integrated Service Contract in Mexico.
A price for the transaction was not revealed, the companies saying it is in line with the net book value of Petrofac’s interest. The deal comprises cash on completion and deferred consideration.
Patrick Schorn, executive VP new ventures at Schlumberger, commented: “We consider Mexico’s Energy Reform as a significant step in the evolution of the country’s oil and gas industry, and we are optimistic in regard to the various business opportunities created under the new reforms. This transaction aligns with our well-established portfolio of production management projects and enables us to move forward with our plans to continue to develop the Pánuco field.”
The transaction was completed last week.
