Schlumberger buys out Petrofac stake in Pánuco contract

Schlumberger buys out Petrofac stake in Pánuco contract

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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