Petrofac Hires Bain & Co to Explore Options for North Sea Business
Source: Reuters 12/11/2017, Location: Europe
British oilfield services company Petrofac Ltd (PFC.L) has hired consultancy Bain & Co to explore options for the its North Sea operations, including a sale, the Times reported.
Petrofac, which is being investigated by Britainís Serious Fraud Office (SFO) for its dealings with Monaco-based Unaoil, has been struggling to reduce its $1 billion debt pile. Petrofac and Bain were not immediately available for comment.
The Telegraph reported last month that U.S. oilfield services companies Schlumberger (SLB.N) and Halliburton (HAL.N) as well as a Middle Eastern company were among the firms circling Petrofac, with market talk of a bid of around 600 pence per share.
Petrofac has lost about half its value since May, when the SFO had commenced an investigation into the company and its units, and has a current market capitalisation of 1.45 billion pounds ($1.94 billion).
Shares of the company were up 1.6 percent at 423.3 pence in early trading.